FINAL NOTICE

To:
North London Van Centre Limited

Dated: 19 September 2019


ACTION

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

2.
The Authority issued to NLVC 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 NLVC’s Part 4A permission.

3.
NLVC referred the matter to the Tribunal on 16 October 2018, within 28 days of
the date on which the Decision Notice was issued to it.

4.
On 6 August 2019, the Tribunal issued its decision dismissing NLVC’s reference.
The Tribunal’s decision can be found here: https://www.gov.uk/tax-and-chancery-
tribunal-decisions/north-london-van-centre-ltd-v-the-financial-conduct-authority-
2019-ukut-0233-tcc.

5.
Accordingly, the Authority has today cancelled PLL’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;

North London Van Centre Limited





19 September 2019

“the Decision Notice” means the Decision Notice issued to NLVC dated 18
September2018;


“NLVC” means North London Van Centre Limited;

“NLVC’s Part 4A permission” means the permission granted by the Authority to
NLVC pursuant to Part 4A of the Act;


“the Return” means the CCR007 return for the period ended 30 November 2015,
which NLVC was due to submit to the Authority by 14 January 2016; the CCR007
return for the period ended 30 November 2016, which NLVC was due to submit to
the Authority by 16 January 2017; and the CCR007 return for the period ended 30
November 2017, which NLVC was due to submit to the Authority by 16 January
2018;

“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 to NLVC dated 29 August
2018.


REASONS FOR 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 NLVC is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
NLVC is a fit and proper person having regard to all the circumstances, including
whether NLVC managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.

7.
This is because NLVC has repeatedly failed to comply with the regulatory
requirement to submit the Returns by their due dates or at all. NLVC has not been
open and co-operative in all its dealings with the Authority, in that NLVC has
repeatedly failed to respond adequately to the Authority's repeated requests for it
to submit the Returns by their due dates, 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 NLVC’s suitability, lead the
Authority to conclude that NLVC 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 NLVC was granted a Part
4A permission.

North London Van Centre Limited

19 September 2019

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 NLVC 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 NLVC 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 Yasmin
Moore at the Authority (direct line: 020 7066 5439).

Martin Butcher
Enforcement and Market Oversight Division