FINAL NOTICE

Dated:
7 January 2019

ACTION

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


2.
The Authority issued to RFL the Decision Notice which notified RFL that for the
reasons given below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 15) of the PSR, the Authority had decided to cancel the registration
granted to RFL as an SPI under the PSR.


3.
RFL 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 RFL’s registration as an SPI.

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 RFL
dated 27 September 2018;

“the Overdue Balance” means the amount owed by RFL to the Authority
comprising an invoice dated 15 August 2017 for £545 for regulatory fees and
levies for the period 1 April 2017 to 31 March 2018, which was due for payment
by 14 September 2017;


“the PSR” means the Payment Services Regulations 2017;

“RFL” means Royaume FEX Limited (which was registered by the Authority on 15
May 2016 as an SPI);

“SPI” means Small Payment Institution;

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

“the Warning Notice” means the Warning Notice issued by the Authority to RFL
dated 4 September 2018.


REASONS FOR THE ACTION

6.
RFL has failed to pay the Overdue Balance and to respond adequately to repeated
Authority requests that it pay the Overdue Balance.


7.
These failings lead the Authority to conclude that RFL has failed to demonstrate a
readiness and willingness to comply with its ongoing regulatory obligations which
include dealing with the Authority in an open and co-operative way. It is therefore
desirable to cancel RFL’s registration as an SPI in order to protect the interests of
consumers, in accordance with Regulation 10(1)(h) of the PSR (as applied by
Regulation 15 of the PSR).

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 RFL in accordance with the Act (as applied by
paragraph 10(c) of Part 1 of Schedule 6 to the PSR).

Publicity

10.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 10(c) of
Part 1 of Schedule 6 to the PSR) apply to the publication of information about the
matter to which this Final Notice relates. Under those provisions, 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 RFL or prejudicial to the interests of consumers.

11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Authority contact

12.
For more information concerning this matter generally, please contact Maria Lewis
at the Authority (direct line: 020 7066 0897).

Anna Couzens
Enforcement and Market Oversight Division