FINAL NOTICE

To:
Rajendra Patel trading as R.J. Insurance Brokers

Dated: 3 May 2012

ACTION

1. For the reasons set out in this Final Notice, the Financial Services Authority (the “FSA”)
hereby takes the following action against Rajendra Patel trading as R.J. Insurance Brokers
(“Mr Patel”).

2. The FSA gave Mr Patel a Decision Notice on 4 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 Mr Patel under Part IV of the Act (“Mr Patel’s Part IV permission”).

3. Mr Patel 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 Mr Patel’s Part IV permission.

REASONS FOR ACTION

5. On the basis of the facts and matters and conclusions described in its Warning Notice
issued to Mr Patel dated 17 February 2012 (the “Warning Notice”), and in the Decision
Notice, it appears to the FSA that Mr Patel is failing to satisfy the threshold conditions set

Rajendra Patel trading as R.J. Insurance Brokers

3 May 2012
Final Notice Page 2

out in Schedule 6 to the Act (the “Threshold Conditions”) in that the FSA is not satisfied
that Mr Patel 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 Mr Patel has failed to comply with the regulatory requirement to submit
his Retail Mediation Activities Return for the period ended 30 September 2011 (the
“RMAR”). Mr Patel 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 Mr Patel’s suitability, lead the FSA
to conclude that Mr Patel 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 Mr Patel 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 Mr Patel or prejudicial to the interests of
consumers.

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, Mr Patel should contact Sarah
Brewer at the FSA (direct line: 020 7066 8886/fax: 020 7066 6677).

John Kirby
FSA Enforcement and Financial Crime Division