FINAL NOTICE

To:
Paulo Monteiro trading as Bunn & Co

ACTION

1. For the reasons set out in this Final Notice, the Financial Services Authority (the “FSA”)
hereby takes the following action against Paulo Monteiro trading as Bunn & Co (“Paulo
Monteiro”).

2. The FSA gave Paulo Monteiro a Decision Notice on 5 April 2012 (the “Decision Notice”)
which notified him that for the reasons given below and pursuant to section 45 of the
Financial Services and Markets Act 2000 (the “Act”), the FSA had decided to cancel the
permission granted to Paulo Monteiro under Part IV of the Act (“Paulo Monteiro’s Part
IV permission”).


Paulo Monteiro trading as Bunn & Co

10 May 2012
Final Notice

3. Paulo Monteiro has not referred the matter to the Upper Tribunal (Tax and Chancery
Chamber) within 28 days of the date on which the Decision Notice was given to him.

4. Accordingly, the FSA has today cancelled Paulo Monteiro’s Part IV permission.

REASONS FOR ACTION

5. On the basis of the facts and matters and conclusions described in the Warning Notice
issued to Paulo Monteiro dated 17 February 2012 (the “Warning Notice”), and in the
Decision Notice, it appears to the FSA that Paulo Monteiro is failing to satisfy the
threshold conditions set out in Schedule 6 to the Act (the “Threshold Conditions”) in that
the FSA is not satisfied that Paulo Monteiro is a fit and proper person having regard to all
the circumstances, including the need to ensure that his business is conducted soundly and
prudently.

6. This is because Paulo Monteiro has failed to comply with the regulatory requirement to
submit his Retail Mediation Activities Return for the period ended 30 September 2011
(the “RMAR”). Paulo Monteiro has not been open and co-operative in all his dealings
with the FSA, in that he has failed to respond to the FSA's repeated requests for him to
submit the RMAR, and has thereby failed to comply with Principle 11 of the FSA's
Principles for Businesses and to satisfy the FSA that he is ready, willing and organised to
comply with the requirements and standards under the regulatory system.

7. These failures, which are significant in the context of Paulo Monteiro’s suitability, lead
the FSA to conclude that Paulo Monteiro is not conducting his business soundly and
prudently and in compliance with proper standards, 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 Part IV permission.

DECISION MAKER

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

IMPORTANT

9. This Final Notice is given to Paulo Monteiro in accordance with section 390(1) of the
Act.

Publicity

10. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information
about the matter to which this Final Notice relates. Under those provisions, the FSA must
publish such information about the matter to which this Final Notice relates as the FSA
considers appropriate. The information may be published in such manner as the FSA
considers appropriate. However, the FSA may not publish information if such publication
would, in the opinion of the FSA, be unfair to Paulo Monteiro or prejudicial to the
interests of consumers.


Paulo Monteiro trading as Bunn & Co

10 May 2012
Final Notice

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

FSA Contact

12. For more information concerning this matter generally, please contact Evan Cheminais at
the FSA (direct line: 020 7066 7232/fax: 020 7066 6677).

John Kirby
FSA Enforcement and Financial Crime Division