FINAL NOTICE

ACTION

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

2.
The Authority gave Oaklands the Decision Notice which notified Oaklands that for
the reasons given below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the PSR, the Authority has decided to cancel the registration
granted to Oaklands as an SPI.

3.
Oaklands 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 Oaklands’ registration as an SPI.

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;

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“the Decision Notice” means the Decision Notice given to Oaklands dated 22
October 2015;

“Oaklands” means Oaklands Courier Limited;

“principal place of business” means the address given by Oaklands to the Authority
as recorded on the Authority’s Financial Services Register;

“the PSR” means the Payment Services Regulations 2009;

“SPI” means a small payment institution within the meaning of Regulation 2(1) of
the PSR;

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

“the Warning Notice” means the Warning Notice given to Oaklands dated 30
September 2015.

REASONS FOR THE ACTION

6.
Oaklands was registered by the Authority on 24 February 2012 as an SPI to carry
on the payment services activity of money remittance, having provided to the
Authority an address for its principal place of business.

7.
Under Regulation 13(5) of the PSR, a condition of Oaklands’ registration as an SPI
is that its head office, registered office or place of residence must be in the United
Kingdom. Pursuant to Regulation 32(1) of the PSR, Oaklands must provide the
Authority with details of any change of its head office without undue delay.

8.
Oaklands has not notified the Authority of any change in the address of its principal
place of business.

9.
The Authority has issued communications to Oaklands at the address of its
principal place of business but those communications have been returned to the
Authority on the basis that the address is no longer valid. The Authority has
attempted to contact Oaklands at alternative addresses; however, this has been
unsuccessful.

10.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, the Authority has concluded that Oaklands has
failed to co-operate with the Authority in that it has failed to notify the Authority of
a change in the address of its principal place of business.

11.
The Authority has therefore concluded that by failing to notify the Authority of a
change in the address of its principal place of business, Oaklands has failed to
demonstrate a readiness and willingness to comply with its ongoing regulatory
obligations and to deal with the Authority in an open and co-operative way.
Therefore it is desirable to cancel Oaklands’ registration as an SPI 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

12.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.

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13.
This Final Notice is given to Oaklands in accordance with section 390(1) of Act (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

PUBLICITY

14.
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 Oaklands or prejudicial to the interests of consumers.

15.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

AUTHORITY CONTACT

16.
For more information concerning this matter generally, please contact Roger Hylton
at the Authority (direct line: 020 7066 8168).

John Kirby
Enforcement and Market Oversight Division