FINAL NOTICE

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the PSR, the Authority has cancelled Muhammad Ashraf’s
registration.

2.
The Authority gave Muhammad Ashraf the Decision Notice which notified him that for
the reasons given below and pursuant to Regulation 10(1)(h) of the PSR, the
Authority had decided to cancel the registration granted to Muhammad Ashraf as a
small payment institution under the PSR.

3.
Muhammad Ashraf has not referred the matter to the Tribunal within 28 days of the
date on which the Decision Notice was given to him.

4.
Accordingly, the Authority has today cancelled Muhammad Ashraf’s registration.

DEFINITIONS

5.
The definitions below are used in this Final Notice:

“the Act” means the Financial Services and Markets Act 2000;


“the Authority” means the Financial Conduct Authority;



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“the Decision Notice” means the Decision Notice issued to Muhammad Ashraf on 9
July 2015;


“Muhammad Ashraf’s registration” means the registration granted to Muhammad
Ashraf as a small payment institution under the PSR;


“the Overdue Balance” means the amount owed by Muhammad Ashraf to the
Authority totalling £445.00 in respect of periodic fees and levies, which had been due
for payment by 17 September 2014;


“the PSR” means the Payment Services Regulations 2009;

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber); and

“the Warning Notice” means the Warning Notice issued to Muhammad Ashraf on 15
June 2015.

REASONS FOR THE ACTION

6.
The facts and matters and conclusions described in the Warning Notice, and in the
Decision Notice, set out that Muhammad Ashraf has failed to pay the Overdue
Balance, and to respond adequately to the Authority’s repeated requests that he pays
the Overdue Balance. These failings lead the Authority to conclude that Muhammad
Ashraf has failed to demonstrate a readiness and willingness to comply with his
ongoing regulatory obligations and to deal with the Authority in an open and co-
operative way. Therefore it is desirable to cancel Muhammad Ashraf’s registration as
a small payment institution in order to protect the interests of consumers, in
accordance with Regulation 10(1)(h) of the PSR (as applied by Regulation 14).

DECISION MAKER

7.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

IMPORTANT

8.
This Final Notice is given to Muhammad Ashraf in accordance with section 390(1) of
the Act (as applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

9.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of Part
1 of Schedule 5 of the PSR) apply to the publication of information about the matter
to which this Final Notice relates. Under those provisions, the Authority must publish
such information about the matter to which this Final Notice relates as the Authority
considers appropriate. The information may be published in such manner as the
Authority considers appropriate. However, the Authority may not publish information
if such publication would, in the opinion of the Authority, be unfair to Muhammad
Ashraf or prejudicial to the interests of consumers.

10.
The Authority intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.

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11.
For more information concerning this matter generally, please contact Rashmeet
Panesar at the Authority (direct line: 0207 066 3750).

John Kirby
Enforcement and Market Oversight Division