FINAL NOTICE

ACTION

1.
For the reasons listed below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 14) of the PSR, the Authority has decided to cancel the registration
granted to Quakle Limited (“Quakle”), as a small payment institution under the
PSR.

2.
The Authority gave Quakle a Decision Notice on 20 August 2013 (“the Decision
Notice”) which notified Quakle that for the reasons given below and pursuant to
Regulation 10(1)(h) of the PSR, the Authority had decided to cancel the
registration granted to Quakle as a small payment institution under the PSR.

3.
Quakle 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 Quakle’s registration as a small
payment institution.

DEFINITIONS

5.
The definitions below are also used in this Final Notice:

“the Act” means the Financial Services and Markets Act 2000;

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“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct
Authority;

“the PSR” means the Payment Services Regulations 2009;

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).


REASONS FOR THE ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice given to Quakle dated 28 June 2013, and in the Decision Notice, the
Authority has concluded that Quakle has failed to pay fees and levies totalling
£460 owed to the Authority, which were due for payment by 25 July 2012, and
has failed to respond adequately to the Authority’s repeated requests that it pay
the fees and levies. These failings lead the Authority to conclude that Quakle has
failed to demonstrate a readiness and willingness to comply with its ongoing
regulatory obligations and to deal with the Authority in an open and co-operative
way. Therefore it is desirable to cancel Quakle’s registration as a small payment
institution in order to protect the interests of consumers, in accordance with
Regulation 10(1)(h) of the PSR (as applied by Regulation 14).

DECISION MAKER

7.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

8.
This Final Notice is given to Quakle in accordance with section 390(1) of the Act
(as applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

9.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of
Part 1 of Schedule 5 of the PSR) apply to the publication of information about the
matter to which this Final Notice relates. Under those provisions, 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 Quakle or prejudicial to the interests of consumers.

10.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

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11.
For more information concerning this matter generally, please contact Roger
Hylton at the Authority (direct line: 0207 066 8168).

John Kirby
Enforcement and Financial Crime Division