Final Notice
On , the Financial Conduct Authority issued a Final Notice to Newline Vehicle & Finance Limited
1
FINAL NOTICE
To: Newline Vehicle & Finance Limited
Address: 19 The New Line
Richhill
Armagh
County Armagh
BT61 9QR
FRN: 665077
Dated: 7 August 2023
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Newline Vehicle & Finance Limited (“NVFL”).
2.
The Authority issued to NVFL the Decision Notice which notified NVFL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel NVFL’s Part 4A permission.
3.
NVFL 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 NVFL’s Part 4A permission.
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;
Newline Vehicle & Finance Limited 7 August 2023
Final Notice
2
“the Decision Notice” means the Decision Notice issued by the Authority to NVFL
dated 26 June 2023;
“NVFL” means Newline Vehicle & Finance Limited;
“NVFL’s Part 4A permission” means the permission granted by the Authority to NVFL
pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £726.81 owed by NVFL to the
Authority, comprising: an invoice dated 12 July 2018 of £250 which was due for
payment by 11 August 2018 for the late submission of regulatory returns; an invoice
dated 6 February 2020 of £316.48 for regulatory fees and levies for the period 1
April 2019 to 31 March 2020, which was due for payment by 7 March 2020; and an
invoice dated 10 November 2020 of £160.33 for regulatory fees and levies for the
period 1 April 2020 to 31 March 2021, which was due for payment by 8 February
2021;
“the Principles” means the Authority’s Principles for Businesses;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 to the Act;
“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); and
“the Warning Notice” means the Warning Notice issued by the Authority to NVFL
dated 15 May 2023.
REASONS FOR THE ACTION
6.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that NVFL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that NVFL is a fit and proper person having regard to all the circumstances, including
whether NVFL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
NVFL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that NVFL has failed to respond to
the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of NVFL’s suitability, lead the
Authority to conclude that NVFL 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 Part 4A
permission.
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
Newline Vehicle & Finance Limited 7 August 2023
Final Notice
3
IMPORTANT
10.
This Final Notice is given to NVFL 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 NVFL 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.
Authority contact
13.
For more information concerning this matter generally, please contact Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Anna Couzens
Enforcement and Market Oversight Division
FINAL NOTICE
To: Newline Vehicle & Finance Limited
Address: 19 The New Line
Richhill
Armagh
County Armagh
BT61 9QR
FRN: 665077
Dated: 7 August 2023
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Newline Vehicle & Finance Limited (“NVFL”).
2.
The Authority issued to NVFL the Decision Notice which notified NVFL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel NVFL’s Part 4A permission.
3.
NVFL 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 NVFL’s Part 4A permission.
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;
Newline Vehicle & Finance Limited 7 August 2023
Final Notice
2
“the Decision Notice” means the Decision Notice issued by the Authority to NVFL
dated 26 June 2023;
“NVFL” means Newline Vehicle & Finance Limited;
“NVFL’s Part 4A permission” means the permission granted by the Authority to NVFL
pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £726.81 owed by NVFL to the
Authority, comprising: an invoice dated 12 July 2018 of £250 which was due for
payment by 11 August 2018 for the late submission of regulatory returns; an invoice
dated 6 February 2020 of £316.48 for regulatory fees and levies for the period 1
April 2019 to 31 March 2020, which was due for payment by 7 March 2020; and an
invoice dated 10 November 2020 of £160.33 for regulatory fees and levies for the
period 1 April 2020 to 31 March 2021, which was due for payment by 8 February
2021;
“the Principles” means the Authority’s Principles for Businesses;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 to the Act;
“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); and
“the Warning Notice” means the Warning Notice issued by the Authority to NVFL
dated 15 May 2023.
REASONS FOR THE ACTION
6.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that NVFL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that NVFL is a fit and proper person having regard to all the circumstances, including
whether NVFL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
NVFL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that NVFL has failed to respond to
the Authority’s repeated requests for it to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of NVFL’s suitability, lead the
Authority to conclude that NVFL 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 Part 4A
permission.
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
Newline Vehicle & Finance Limited 7 August 2023
Final Notice
3
IMPORTANT
10.
This Final Notice is given to NVFL 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 NVFL 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.
Authority contact
13.
For more information concerning this matter generally, please contact Funmi Ojo
at the Authority (direct line: 020 7066 1354).
Anna Couzens
Enforcement and Market Oversight Division