FINAL NOTICE

Emersons Green

ACTION

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


2.
The Authority issued to OCVLSL the Decision Notice which notified OCVLSL that
for the reasons given below and pursuant to section 55J of the Act, the Authority
had decided to cancel OCVLSL’s Part 4A permission.


3.
OCVLSL 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 OCVLSL’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;

“the Decision Notice” means the Decision Notice issued to OCVLSL dated 30
November 2016;


“OCVLSL” means One Call Vehicle Leasing Southwest Limited;


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

OCVLSL pursuant to Part 4A of the Act;

“the Overdue Balance” means the amount owed by OCVLSL to the Authority
comprising an invoice dated 19 November 2015 for £322.50 for regulatory fees
and levies for the period 1 April 2015 to 31 March 2016, which was due for
payment by 19 December 2015;

“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 to OCVLSL dated 8
November 2016.

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


7.
OCVLSL 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 OCVLSL 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 under the regulatory system.


8.
These failures, which are significant in the context of OCVLSL’s suitability, lead
the Authority to conclude that OCVLSL 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
permission.


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 OCVLSL under section 55Z and 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 OCVLSL 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).

John Kirby
Enforcement and Market Oversight Division