FINAL NOTICE

Dated: 11 May 2016

ACTION

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

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

3.
R Sadler has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was issued to him.

4.
Accordingly, the Authority has today cancelled R Sadler’s 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 to R Sadler dated 5 April
2016;

“R Sadler” means Raymond Sadler;

“R Sadler’s permission” means the permission granted by the Authority to R
Sadler pursuant to Part 4A of the Act;

“the Return” means the CCR007 return for the period ended 30 June 2015, which
R Sadler was due to submit to the Authority by 11 August 2015;

“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; and

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

REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in its Warning
Notice issued to R Sadler dated 10 March 2016 and in the Decision Notice, it
appears to the Authority that R Sadler is failing to satisfy the suitability Threshold
Condition, in that the Authority is not satisfied that R Sadler is a fit and proper
person having regard to all the circumstances, including whether R Sadler
managed his business in such a way as to ensure that his affairs were conducted
in a sound and prudent manner.

7.
This is because R Sadler has failed to comply with the regulatory requirement to
submit the Return. R Sadler has not been open and co-operative in all his
dealings with the Authority, in that R Sadler has failed to respond adequately to
the Authority's repeated requests for him to submit the Return, and has thereby
failed to comply with Principle 11 of the Authority's Principles for Businesses and
to satisfy the Authority that he is ready, willing and organised to comply with the
requirements and standards under the regulatory system.

8.
These failures, which are significant in the context of R Sadler’s suitability, lead
the Authority to conclude that R Sadler 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 R Sadler
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 R Sadler 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 R Sadler 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 Jade
Flaherty at the Authority (direct line: 020 7066 2072).

John Kirby
Enforcement and Market Oversight Division