Final Notice
On , the Financial Conduct Authority issued a Final Notice to Richard John Hamilton, Hamilton Motors and
1
FINAL NOTICE
To:
Richard John Hamilton (Trading as Hamilton Motors and
Richard H Hamilton Car Sales)
FRN:
817359
Dated:
18 May 2023
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Richard John Hamilton (“Mr Hamilton”).
2.
The Authority issued to Mr Hamilton the Decision Notice which notified Mr Hamilton
that for the reasons given below and pursuant to section 55J of the Act, the
Authority had decided to cancel Mr Hamilton’s Part 4A permission.
3.
Mr Hamilton 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 Hamilton’s Part 4A permission.
2
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 by the Authority to Mr
Hamilton dated 14 February 2023;
“the Overdue Balance” means the outstanding sum of £406.19 owed by Mr
Hamilton to the Authority comprising: an invoice dated 31 July 2019 for regulatory
fees and levies of £156.19 for the period 1 April 2019 to 31 March 2020, which was
due for payment by 30 August 2019; and an invoice dated 26 November 2021 of
£250 which was due for payment by 26 December 2021 for late submission of a
regulatory return;
“the Principles” means the Authority’s Principles for Business;
“Mr Hamilton” means Richard John Hamilton (Trading as Hamilton Motors and
Richard H Hamilton Car Sales);
“Mr Hamilton’s Part 4A permission” means the permission granted by the Authority
to Richard John Hamilton pursuant to Part 4A of the Act;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 of 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
Hamilton dated 20 January 2023.
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 Hamilton is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Hamilton is a fit and proper person having regard to all the
circumstances, including whether Mr Hamilton managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.
7.
Mr Hamilton has failed to pay the Overdue Balance and has not been open and co-
operative in all his dealings with the Authority, in that Mr Hamilton has failed to
respond to the Authority’s repeated requests to pay the Overdue Balance and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of Mr Hamilton’s suitability, lead
the Authority to conclude that Mr Hamilton 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
has had a Part 4A permission.
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DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made
by an Authority staff member under executive procedures.
IMPORTANT
10.
This Final Notice is given to Mr Hamilton 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 Hamilton 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 Maciej
Alexander Bajko at the Authority (direct line: +44 20 7066 1838 ).
FINAL NOTICE
To:
Richard John Hamilton (Trading as Hamilton Motors and
Richard H Hamilton Car Sales)
FRN:
817359
Dated:
18 May 2023
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Richard John Hamilton (“Mr Hamilton”).
2.
The Authority issued to Mr Hamilton the Decision Notice which notified Mr Hamilton
that for the reasons given below and pursuant to section 55J of the Act, the
Authority had decided to cancel Mr Hamilton’s Part 4A permission.
3.
Mr Hamilton 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 Hamilton’s Part 4A permission.
2
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 by the Authority to Mr
Hamilton dated 14 February 2023;
“the Overdue Balance” means the outstanding sum of £406.19 owed by Mr
Hamilton to the Authority comprising: an invoice dated 31 July 2019 for regulatory
fees and levies of £156.19 for the period 1 April 2019 to 31 March 2020, which was
due for payment by 30 August 2019; and an invoice dated 26 November 2021 of
£250 which was due for payment by 26 December 2021 for late submission of a
regulatory return;
“the Principles” means the Authority’s Principles for Business;
“Mr Hamilton” means Richard John Hamilton (Trading as Hamilton Motors and
Richard H Hamilton Car Sales);
“Mr Hamilton’s Part 4A permission” means the permission granted by the Authority
to Richard John Hamilton pursuant to Part 4A of the Act;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 of 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
Hamilton dated 20 January 2023.
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 Hamilton is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Mr Hamilton is a fit and proper person having regard to all the
circumstances, including whether Mr Hamilton managed his business in such a way
as to ensure that his affairs were conducted in a sound and prudent manner.
7.
Mr Hamilton has failed to pay the Overdue Balance and has not been open and co-
operative in all his dealings with the Authority, in that Mr Hamilton has failed to
respond to the Authority’s repeated requests to pay the Overdue Balance and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of Mr Hamilton’s suitability, lead
the Authority to conclude that Mr Hamilton 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
has had a Part 4A permission.
3
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made
by an Authority staff member under executive procedures.
IMPORTANT
10.
This Final Notice is given to Mr Hamilton 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 Hamilton 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 Maciej
Alexander Bajko at the Authority (direct line: +44 20 7066 1838 ).