NOTICE OF DECISION TO CANCEL

ACTION

1.
For the reasons set out below and under regulation 34(7)(a) of the MLR, the
Authority has decided to cancel MML’s Registration.

DEFINITIONS

2.
In this Notice (and in the Annex)—

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

“Annex 1 financial institution” has the meaning given in regulation 22(1) of the
MLR;

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“the MLR” means the Money Laundering Regulations 2007;

“MML” means Murrayfield Management Limited;

“MML’s Registration” means the registration granted by the Authority to MML as
an Annex 1 financial institution under the MLR;

“Notice of Proposed Cancellation” means the Notice of Proposed Cancellation
given to MML on 5 July 2016; and

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


REASONS FOR THE ACTION

3.
MML has failed to pay a charge imposed by the Authority. The Authority may
cancel MML’s Registration under the MLR in accordance with regulation 34(7)(a)
of the MLR, on the basis of the condition in regulation 34(3)(c) (which concerns
the payment of charges imposed by the Authority and to which regulation
34(7)(a) refers).

RELEVANT STATUTORY PROVISIONS

4.
The statutory and regulatory provisions relevant to this Notice are set out in the
Annex.

FACTS AND MATTERS RELIED ON

5.
MML was registered by the Authority on 30 January 2015 as an Annex 1 financial
institution.

6.
MML has failed to pay a charge imposed by the Authority of £433, which was due
for payment by 28 August 2015.

7.
By its Notice of Proposed Cancellation, the Authority gave notice that it proposed
to cancel MML’s registration as an Annex 1 financial institution under the MLR and
MML was given the opportunity to make representations to the Authority about
that proposed action.

8.
Regulation 34(9) of the MLR requires the Authority then to decide whether to
cancel MML’s registration.

9.
No representations have been received by the Authority from MML within the time
allowed by the Notice of Proposed Cancellation. The Authority has therefore
decided to cancel MML’s registration as an Annex 1 financial institution for the
reasons described above. The cancellation of MML’s registration will take effect
on 12 September 2016.

PROCEDURAL MATTERS

Decision maker

10.
The decision which gave rise to the obligation to give this Notice of Decision to
Cancel was made by the Chair of the Regulatory Decisions Committee.

11.
This Notice of Decision to Cancel is given to MML under Regulation 34(9)(b) and
is being served on MML at the address last notified to the Authority as MML’s
principal place of business.

3

The Tribunal

12.
MML has the right to appeal the decision to cancel to the Tribunal. The Tax and
Chancery Chamber is the part of the Upper Tribunal which, among other things,
hears appeals arising from decisions of the Authority. Under paragraph 2(2) of
Schedule 3 to the Tribunal Procedure (Upper Tribunal) Rules 2008, MML has 28
days from the date on which this Notice is given to MML to refer the appeal to the
Tribunal.

13.
An appeal to the Tribunal is made by way of a signed reference notice (Form
FTC3) filed with a copy of this Notice. The Tribunal’s contact details are: Upper
Tribunal, (Tax and Chancery Chamber), Fifth Floor, Rolls Building, Fetter Lane,
London, EC4A 1NL (tel: 020 7612 9730; email: fs@hmcts.gsi.gov.uk).


14.
Further information on the Tribunal, including a link to ‘Forms and leaflets’ which
include Form FTC3 and notes on that form, can be found on the HM Courts and
Tribunals website:

15.
A copy of Form FTC3 must also be sent to Funmi Ojo at the Authority, 25 The
North Colonnade, Canary Wharf, London E14 5HS at the same time as filing a
reference with the Upper Tribunal.

Access to evidence

16.
A schedule of the material upon which the Authority has relied in deciding to give
MML this Notice was given to MML with the Notice of Proposed Cancellation.

Confidentiality and publicity

17.
This Notice may contain confidential information and should not be disclosed to a
third party (except for the purpose of obtaining advice on its contents).

18.
However, the Authority may publish such information about the matter to which a
Notice served under Regulation 34(9) relates as it considers appropriate. The
information published may contain reference to the facts and matters contained
in this Notice.

Contacts

19.
For more information concerning this matter generally, MML should contact Funmi
Ojo at the Authority (direct line: 020 7066 1354).

Tim Parkes
Chair, Regulatory Decisions Committee

ANNEX

RELEVANT STATUTORY PROVISIONS

1. Regulation 22(1) or the MLR provides:

“In this Part—

“Annex I financial institution” means any undertaking which falls within
regulation 3(3)(a) other than—[...]

(b) a money service business; [...]

(c) an authorised person;

(d) a bill payment service provider; or

(e) a telecommunication, digital and IT payment service provider…”

2. Regulation 32(2) of the MLR provides:

“The Authority may maintain a register of Annex I financial institutions.”

3. Regulation 34(3) of the MLR provides:

“The Authority may refuse to register an applicant for registration in a
register maintained under regulation 32 only if—

(c) the applicant has failed to pay a charge imposed by the

Authority under regulation 35(1).”

4. Regulation 34(7) of the MLR provides:

“The Authority may cancel a person’s registration in a register maintained
by them under regulation 32 if, at any time after registration—

(a) it appears to them that any condition in paragraph (3) is met;

[…].”

5. Regulation 35(1) of the MLR provides:

“The Authority […] may impose charges—

(a) on applicants for registration;

(b) on relevant persons supervised by them.”

OTHER RELEVANT REGULATORY PROVISIONS

6. The Authority’s policy in relation to exercising its enforcement powers is set out in

EG, the relevant provisions of which are summarised below.

7. EG 19.14.7 provides that, in relation to the MLR, the Authority has decided to adopt

enforcement and decision making procedures, in relation to the use of its
investigation and sanctioning powers, broadly akin to those it has under the Act. The
types of circumstances in which the Authority will consider cancelling a firm’s Part 4A
Permission under the Act include non-payment of fees owed to the Authority: EG
8.5.2(5).


8. EG 19.15.4 provides that although the MLR do not require it, the Authority will

involve third parties and provide access to the Authority material when it gives
notices under the MLR, in a manner consistent with the provisions of section 393 and
394 of the Act.


9. EG 19.15.7 provides that although the MLR do not require the Authority to issue final

notices, the Authority will publish such information about the matter to which the
notice of decision to cancel relates as it considers appropriate.