FINAL NOTICE

Address:

145 Lee Street

ACTION

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the PSR, the Authority has decided to cancel the registration
granted to Nasir Sarwar, as a small payment institution under the PSR.

2.
The Authority gave Nasir Sarwar a Decision Notice on 20 August 2013 (“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 Nasir Sarwar as a small payment institution under the
PSR.

3.
Nasir Sarwar 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 Nasir Sarwar’s registration as a
small payment institution.

DEFINITIONS

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

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

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“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct
Authority;

“the PSR” means the Payment Services Regulations 2009;

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


REASONS FOR THE ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice given to Nasir Sarwar dated 19 June 2013, and in the Decision Notice, the
Authority has concluded that Nasir Sarwar has failed to pay fees and levies
totalling £710 owed to the Authority, of which £250 was due for payment by 13
April 2012 and £460 was due for payment by 10 February 2013, and has failed to
respond adequately to the Authority’s repeated requests that he pay the fees and
levies. These failings lead the Authority to conclude that Nasir Sarwar 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 Nasir Sarwar’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 Nasir Sarwar 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 Nasir Sarwar 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 Roger
Hylton at the Authority (direct line: 0207 066 8168).

John Kirby
Enforcement and Financial Crime Division