FINAL NOTICE

ACTION

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


2.
The Authority issued to Mr Jones the Decision Notice which notified Mr Jones that
for the reasons given below and pursuant to section 55J of the Act, the Authority
had decided to cancel Mr Jones’s Part 4A permission.


3.
Mr Jones has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to him.


4.
Accordingly, the Authority has today cancelled Mr Jones’s Part 4A 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;


“Mr Jones’s Part 4A permission” means the permission granted by the Authority to

Mr Jones pursuant to Part 4A of the Act;

“the Decision Notice” means the Decision Notice issued by the Authority to Mr
Jones dated 17 January 2018;

“the Overdue Balance” means the amount owed by Mr Jones to the Authority of
£295 in respect of periodic fees and levies, which was due for payment by 14
August 2016;

“the Principles” means the Authority’s Principles for Businesses;

“the Return” means CCR007 return for the period ended 31 March 2017, which Mr
Jones was due to submit to the Authority by 17 May 2017;

“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 Mr
Jones dated 21 December 2017.


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 Mr Jones is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Jones is a fit and proper person having regard to all the
circumstances, including whether Mr Jones managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.


7.
Mr Jones has failed comply with the regulatory requirement to submit the Returns
and pay the Overdue Balance. Mr Jones has not been open and co-operative in all
his dealings with the Authority, in that Mr Jones has failed to respond to the
Authority’s repeated requests for him to submit the Returns and pay the Overdue
Balance, and has thereby failed to comply with Principle 11 of the Principles and
to satisfy the Authority that he 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 Mr Jones’s suitability, lead
the Authority to conclude that Mr Jones 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 he was
granted a Part 4A 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 Mr Jones 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 Mr Jones 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).

Anna Couzens
Enforcement and Market Oversight Division