NOTICE OF DECISION

To:
Riverside Car site Ltd

ACTION

1.
The Authority has decided to cancel the Firm’s Part 4A permission.

2.
The Authority has taken this action because, based on the facts and matters set out below, it
considers that the Firm is carrying on no regulated activity to which the Firm’s Part 4A
permission relates.

3.
The cancellation takes effect on 23 April 2024. The effect of the cancellation is that the Firm
no longer has permission to carry on any regulated activities.

DEFINITIONS

4.
The definitions below are used in this Notice of Decision (and in the Annex):

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

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5.

6.

7.

“the Authority” means the Financial Conduct Authority;

“EG” means the Enforcement Guide;

“FEES” means the Authority’s FEES Manual, part of the Handbook;

“the Firm” means Riverside Car Site Ltd;

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

“FSCS” means the Financial Services Compensation Scheme;

“the Further Notice” means the further notice issued by the Authority to the Firm dated 22
March 2024;

“the general levy” means the levy a firm must pay to the Authority towards the costs of
operating the compulsory jurisdiction of the Financial Ombudsman Service;

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

“the IML levy” means the Illegal Money Lending levy;

“the Notice” means the notice issued by the Authority to the Firm dated 29 February 2024;

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

“SFGB Levy” means the Single Financial Guidance Body Levy;

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

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

The Firm was authorised by the Authority on 15 November 2021 and has a Part 4A permission
to conduct the following regulated activities in relation to consumer credit business:

(a) Agreeing to carry on regulated activity;
(b) Consumer Credit;
(c) Credit Broking;
(d) Debt Adjusting; and
(e) Debt Counselling

Information submitted to the Authority by the Firm in regulatory returns for the period 1
May2021 to 30 April 2022 shows that the Firm is not carrying on any regulated activities for
which it holds a Part 4A permission. There are no other matters that suggest the Firm is
carrying on regulated activities.

Firm failed to pay periodic fees and levies owed to the Authority as required under the
Handbook under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R, 7A.3.1R

FACTS AND MATTERS:

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and 13.2.1Rok under the rules set out in FEES 4.2.1R, 4.3.1R, 5.7.1R, 6.7.1R, 6.7.3R,
7A.3.1R and 13.2.1R. In particular, the Firm has failed to pay an invoice dated 26 September
2023 for periodic fees and levies of £409.54 which had been due for payment by 26 October
2023.

8.
On 29 February 2024 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.

9.
The Firm failed to respond in the manner specified in the directions to the Notice.

10.
As a result of the matters specified above, on 22 March 2024 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 18 April 2024 unless
the Firm takes the steps specified in the directions to the Further Notice.

11.
The Firm failed to take the steps specified in the Further Notice.

CANCELLATION OF PART 4A PERMISSION

12.
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.

13.
From the facts and matters described above, and having regard to paragraph 1(3) of Schedule
6A to the Act, the Authority considers that the Firm is carrying on no regulated activity 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.

14.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.

PROCEDURAL MATTERS

15.
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).

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The following paragraphs are important.

Annulment of the Authority’s decision

16.
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.

17.
The Firm must submit a completed application for an annulment of the Authority’s decision to
the Authority by 22 April 2025 and in the manner specified by the Authority.

The Tribunal

18.
The Firm does not have a right to refer the decision to give this Notice of Decision to the
Tribunal.

19.
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.

20.
For more information concerning this matter generally, the Firm should contact Danielle Stuart
(direct line: 020 7066 0160).

Jeremy Parkinson Enforcement and Market Oversight Division