Final Notice
On , the Financial Conduct Authority issued a Final Notice to Peak Bikes Limited
1
FINAL NOTICE
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Peak Bikes Limited.
2.
The Authority issued to Peak Bikes Limited the Decision Notice which notified Peak
Bikes Limited that for the reasons given below and pursuant to section 55J of the
Act, the Authority had decided to cancel Peak Bikes Limited’s Part 4A permission.
3.
Peak Bikes Limited 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 Peak Bikes Limited’s Part 4A
permission.
3
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 PBL
dated 20 December 2022;
“the Overdue Balance” means the outstanding sum of £956.39 owed by PBL to the
Authority consisting of: an invoice for £250.00 for an administrative fee for non-
submission of regulatory return, which was due for payment by 13 June 2019 and
an invoice for £706.39 for annual fees and levies for the period 1 April 2019 to 31
March 2020, which was due for payment by 14 November 2019;
“PBL” means Peak Bikes Limited;
“PBL’s Part 4A permission” means the permission granted by the Authority to PBL
pursuant to Part 4A of the Act;
“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 PBL
dated 29 November 2022.
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 PBL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
PBL is a fit and proper person having regard to all the circumstances, including
whether PBL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
PBL 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 PBL 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 of the regulatory system.
8.
These failures, which are significant in the context of PBL’s suitability, lead the
Authority to conclude that PBL 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 Part 4A
permission.
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DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
IMPORTANT
10.
This Final Notice is given to PBL 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 PBL 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 Maciej
Alexander Bajko at the Authority (direct line: 020 7066 1838).
FINAL NOTICE
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Peak Bikes Limited.
2.
The Authority issued to Peak Bikes Limited the Decision Notice which notified Peak
Bikes Limited that for the reasons given below and pursuant to section 55J of the
Act, the Authority had decided to cancel Peak Bikes Limited’s Part 4A permission.
3.
Peak Bikes Limited 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 Peak Bikes Limited’s Part 4A
permission.
3
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 PBL
dated 20 December 2022;
“the Overdue Balance” means the outstanding sum of £956.39 owed by PBL to the
Authority consisting of: an invoice for £250.00 for an administrative fee for non-
submission of regulatory return, which was due for payment by 13 June 2019 and
an invoice for £706.39 for annual fees and levies for the period 1 April 2019 to 31
March 2020, which was due for payment by 14 November 2019;
“PBL” means Peak Bikes Limited;
“PBL’s Part 4A permission” means the permission granted by the Authority to PBL
pursuant to Part 4A of the Act;
“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 PBL
dated 29 November 2022.
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 PBL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
PBL is a fit and proper person having regard to all the circumstances, including
whether PBL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
PBL 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 PBL 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 of the regulatory system.
8.
These failures, which are significant in the context of PBL’s suitability, lead the
Authority to conclude that PBL 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 Part 4A
permission.
3
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made by
an Authority staff member under executive procedures.
IMPORTANT
10.
This Final Notice is given to PBL 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 PBL 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 Maciej
Alexander Bajko at the Authority (direct line: 020 7066 1838).