FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Newgate Finance & Properties Limited (“Newgate”).

2.
The Authority gave Newgate a Decision Notice on 29 January 2014 (“the Decision
Notice”) which notified it that for the reasons given below and pursuant to section
55J of the Act, the Authority had decided to cancel the permission granted to
Newgate under the Act (“Newgate’s permission”).

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

4.
Accordingly, the Authority has today cancelled Newgate’s permission.

DEFINITIONS

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

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

“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 Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act;

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

“RMAR” means the Retail Mediation Activities Return.

REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in its Warning
Notice issued to Newgate dated 27 December 2013 and in the Decision Notice, it
appears to the Authority that Newgate is failing to satisfy the Threshold
Conditions, in that the Authority is not satisfied that Newgate is a fit and proper
person having regard to all the circumstances, including whether Newgate
managed its business in such a way as to ensure that its affairs are conducted in
a sound and prudent manner.

7.
This is because Newgate has failed to comply with the regulatory requirement to
submit its RMAR for the period ended 31 August 2013, which was due to be
submitted by 11 October 2013. Newgate has not been open and co-operative in
all its dealings with the Authority, in that it has failed to respond to the
Authority's repeated requests for it to submit the RMAR, and has thereby failed to
comply with Principle 11 of the Authority's Principles for Businesses and to satisfy
the Authority that it is ready, willing and organised to comply with the
requirements and standards under the regulatory system.

8.
These failures, which are significant in the context of Newgate’s suitability, lead
the Authority to conclude that Newgate has failed to manage its business in such
a way as to ensure that its affairs are conducted in a sound and prudent manner,
that it is not a fit and proper person, and that it is therefore failing to satisfy the
Threshold Conditions in relation to the regulated activities for which it has had a
permission.

DECISION MAKER

9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

10.
This Final Notice is given to Newgate in accordance with section 390(1) of the
Act.

Publicity

11.
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 Newgate or prejudicial to the interest of consumers.

12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Contact

13.
For more information concerning this matter generally, please contact Evan
Cheminais at the Authority (direct line: 020 7066 7232).

John Kirby
Enforcement and Financial Crime Division