FINAL NOTICE

ACTION

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

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

3.
Park Grove 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 Park Grove’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;

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Final Notice
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“the Decision Notice” means the Decision Notice issued to Park Grove on 9 May
2016;

“the Overdue Balance” means the amount owed by Park Grove to the Authority
totalling £5,722.08 (in respect of periodic fees and levies), which had been due
for payment by 15 August 2015;

“Park Grove” means Park Grove Financial Management Limited;

“Park Grove’s Part 4A permission” means the permission granted by the Authority
to Park Grove under the Act;

“the Principles” means the Authority’s Principles for Businesses;

“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);

“the Warning Notice” means the Warning Notice issued to Park Grove on 24
March 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 Park Grove is
failing to satisfy the Threshold Conditions, in that the Authority is not satisfied
that Park Grove is a fit and proper person having regard to all the circumstances,
including whether Park Grove managed its business in such a way as to ensure
that its affairs are conducted in a sound and prudent manner.

7.
This is because Park Grove 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 Park
Grove 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 lead the Authority to conclude that Park Grove 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 Park Grove 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 Park Grove in accordance with section 390(1) of the
Act.




Park Grove Financial Management Limited

27 June 2016
Final Notice
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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 Park Grove 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 Dilip
Vekariya at the Authority (direct line: 020 7066 5520).






John Kirby
Enforcement and Market Oversight Division