NOTICE OF DECISION

ACTION

1.
For the reasons given below, the Authority has decided to cancel the Firm’s Part 4A permission.
The cancellation takes effect on 20 September 2023.


2.
The effect of the cancellation is that the Firm no longer has permission to carry on any regulated
activities.


DEFINITIONS

3.
The definitions below are used in this Notice of Decision (and in the Annex):

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

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“the Firm” means Nathan Jones

“the Firm’s Part 4A permission” means the Part 4A permission granted by the Authority to the
Firm;


“the Further Notice” means the further notice issued by the Authority to the Firm dated 25
August 2023;

“the Handbook” means the Authority’s Handbook of rules and guidance;

“the Notice” means the notice issued by the Authority to the Firm dated 23 June 2023;

“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;

“SUP” means the Supervision Manual, part of the Handbook; and


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

FACTS AND MATTERS

4.
The Firm was authorised by the Authority on 11 June 2015 and given a Part 4A permission to
conduct the following regulated activities in relation to consumer credit business:


i.
agreeing to carry on regulated activity;

ii. credit broking;
iii. debt adjusting; and
iv. debt-counselling.

5.
The Firm submitted regulatory returns to the Authority for the period 01 April 2021 to 31 March
2022 which show that the Firm has not generated any income from the regulated activities it
is permitted to carry on. In addition, there are no other matters that suggest the Firm is
carrying on regulated activities.

6.
On 20 June 2023, the Authority gave the Firm the Notice which stated that:

(a)
it appears to the Authority that the Firm is carrying on no regulated activity to which its
Part 4A permission relates; and

(b)
the Authority may take action to cancel the Firm’s Part 4A permission unless it responds
to the Notice in the manner specified in the directions to the Notice.

7.
The Firm failed to respond in the manner specified in the directions to the Notice.

8.
As a result of the matters specified above, on 25 August 2023, the Authority gave the Firm the
Further Notice which stated that:

a) the Authority considered that the Firm is carrying on no regulated activity to which its

Part 4A permission relates; and


b) the Authority proposes to cancel the Firm’s Part 4A permission on 20th September 2023

unless the Firm takes the steps specified in the directions to the Further Notice.

9.
The Firm failed to take the steps specified in the Further Notice.

CANCELLATION OF PART 4A PERMISSION

10.
From the facts and matters described above, the Authority considers that the Firm is carrying
on no regulated activities to which its Part 4A permission relates. The Authority has therefore
decided to cancel the Firm’s Part 4A permission. The cancellation of the Firm’s Part 4A
permission takes effect on the date of this Notice of Decision.


11.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.

PROCEDURAL MATTERS



12.
This Notice of Decision is given to the Firm under paragraph 3 of Schedule 6A to the Act
(variation or cancellation of Part 4A permission on initiative of FCA: additional power).


The following paragraphs are important.

Annulment of the Authority’s decision

13.
If the Firm is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice
of Decision, the Firm may make an application for an annulment of the Authority’s decision
under paragraph 4 of Schedule 6A to the Act.


14.
The Firm must submit a completed application for an annulment of the Authority’s decision to
the Authority by 19 September 2024 and in the manner specified by the Authority.

The Tribunal

15.
The Firm does not have a right to refer the decision to give this Notice of Decision to the
Tribunal.


16.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.

17. For more information concerning this matter generally, you should contact Diluar Khan (direct

line: 020 7066 5953).

Jeremy Parkinson
Enforcement and Market Oversight Division