FINAL NOTICE

Address:
Tall trees

ACTION

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


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


3.
Mr Cummings has not referred the matter to the Tribunal within 28 days of the
date on which the Decision Notice was given to him.


4.
Accordingly, the Authority has today cancelled Mr Cummings’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 by the Authority to Mr
Cummings dated 19 December 2017;

“Mr Cummings’s Part 4A permission” means the permission granted by the
Authority to Paul Anthony Cummings pursuant to Part 4A of the Act;

“the Overdue Balance” means the outstanding sum of £395, owed by Mr
Cummings to the Authority comprising an invoice for £250 for an administrative
fee for late submission of a regulatory return, which was due for payment by 12
August 2016; and an invoice for £145 in respect of annual fees and levies for the
period 1 April 2016 to 31 March 2017, which was due for payment by 10
September 2016;

“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 by the Authority to Mr
Cummings dated 28 November 2017.


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


7.
Mr Cummings has failed to pay the Overdue Balance and he has not been open
and co-operative in all his dealings with the Authority, in that Mr Cummings has
failed to respond to the Authority’s repeated requests for him to pay the Overdue
Balance, and has thereby failed to comply with Principle 11 of the Principles and
to satisfy the Authority that he is ready, willing and organised to comply with the
requirements and standards of the regulatory system.


8.
These failures, which are significant in the context of Mr Cummings’s suitability,
lead the Authority to conclude that Mr Cummings has failed to manage his
business in such a way as to ensure that his affairs are conducted in a sound and
prudent manner, that he is not a fit and proper person, and that he is therefore
failing to satisfy the Threshold Conditions in relation to the regulated activities for
which he 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 Mr Cummings 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 Mr Cummings 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 Maria Lewis
at the Authority (direct line: 020 7066 0897).

Anna Couzens
Enforcement and Market Oversight Division