FINAL NOTICE

Dated: 4 May 2016

ACTION

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

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

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

4. Accordingly, the Authority has today cancelled RBL’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 RBL dated 22 March 2016;

“RBL” means Rivington Bikes Limited;

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

“the Return” means the CCR007 return for the period ended 30 June 2015, which RBL
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 RBL dated 16 February 2016 and in the Decision Notice, it appears to the
Authority that RBL is failing to satisfy the Suitability Threshold Condition, in that the
Authority is not satisfied that RBL is a fit and proper person having regard to all the
circumstances, including whether RBL managed its business in such a way as to ensure
that its affairs were conducted in a sound and prudent manner.

7.
This is because RBL has failed to comply with the regulatory requirement to submit the
Return. RBL has not been open and co-operative in all its dealings with the Authority, in
that RBL has failed to respond adequately to the Authority's repeated requests for it 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 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 RBL’s suitability, lead the
Authority to conclude that RBL 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 RBL 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 RBL 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 RBL or prejudicial to the interest of consumers.


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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