FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Nonwoven Solutions Limited.

2.
The Authority (the body corporate previously known as the Financial Services
Authority and renamed on 1 April 2013 as the Financial Conduct Authority) gave
Nonwoven Solutions Limited a Decision Notice on 2 October 2013 (the “Decision
Notice”) which notified Nonwoven Solutions Limited that for the reasons given
below and pursuant to Regulation 10(1)(h) of the Payment Services Regulations
2009 (the “PSR”), the Authority had decided to cancel the registration granted to
Nonwoven Solutions Limited as a small payment institution under the PSR.

3.
Nonwoven Solutions Limited has not referred the matter to the Upper Tribunal
(Tax and Chancery Chamber) within 28 days of the date on which the Decision
Notice was given to Nonwoven Solutions Limited.

4.
Accordingly, the Authority has today cancelled Nonwoven Solutions Limited’s
registration as a small payment institution.

REASONS FOR ACTION

5.
On the basis of the facts and matters and conclusions described in the Warning
Notice dated 9 September 2013 (the “Warning Notice”), and in the Decision
Notice, the Authority has concluded that Nonwoven Solutions Limited has failed to
submit the Payment Services Directive Transactions return (the “FSA057”), for
the period ended 31 December 2012 (which was due to be submitted to the
Authority by 31 January 2013), and to respond adequately to repeated Authority
requests that it submit the FSA057.

6.
These failings lead the Authority to conclude that Nonwoven Solutions Limited has
failed to comply with the requirement that it submit the FSA057 to the Authority,
that Nonwoven Solutions Limited has failed to demonstrate a readiness and
willingness to comply with its ongoing regulatory obligations and has failed to
deal with the Authority in an open and co-operative way. It is therefore desirable
to cancel Nonwoven Solutions Limited’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.

8.
This Final Notice is given to Nonwoven Solutions Limited in accordance with
section 390(1) of the Financial Services and Markets Act 2000 (the “Act”) (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

PUBLICITY

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 Nonwoven Solutions Limited 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.

AUTHORITY CONTACT

11.
For more information concerning this matter generally, please contact Sarah
Brewer at the Authority (direct line: 020 7066 8886).

John Kirby
Enforcement and Financial Crime Division