FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Residential Facilities Management Limited (“Residential
Facilities”).

2.
The Authority gave Residential Facilities a Decision Notice on 11 December 2013
(“the Decision Notice”) which notified it that for the reasons given below and
pursuant to section 55J of the Act, the Authority had decided to cancel the
permission granted to Residential Facilities under the Act (“Residential Facilities’
permission”).

3.
Residential Facilities 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 Residential Facilities’ permission.

DEFINITIONS

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

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


“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 Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act

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

“RMAR” means the Retail Mediation Activities Return.

REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in its Warning
Notice issued to Residential Facilities dated 7 November 2013 and in the Decision
Notice, it appears to the Authority that Residential Facilities is failing to satisfy the
Threshold Conditions, in that the Authority is not satisfied that Residential
Facilities is a fit and proper person having regard to all the circumstances,
including whether Residential Facilities managed its business in such a way as to
ensure that its affairs are conducted in a sound and prudent manner.

7.
This is because Residential Facilities has failed to comply with the regulatory
requirement to submit its RMAR for the period ended 1 July 2013, which was due
to be submitted by 12 August 2013. Residential Facilities has not been open and
co-operative in all its dealings with the Authority, in that it has failed to respond
to the Authority's repeated requests for it to submit the RMAR, and has thereby
failed to comply with Principle 11 of the Authority's Principles for Businesses and
to satisfy the Authority that it 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 Residential Facilities’
suitability, lead the Authority to conclude that Residential Facilities 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 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 Residential Facilities 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 Residential Facilities 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.


Contact

13.
For more information concerning this matter generally, please contact Sarah
Brewer at the Authority (direct line: 020 7066 8886).

John Kirby
Enforcement and Financial Crime Division