FINAL NOTICE

Dated: 13 February 2013

ACTION

1. For the reasons set out in this Final Notice, the Financial Services Authority (the “FSA”)
hereby takes the following action against Ryan & Company Insurance Brokers.

2. The FSA gave Ryan & Company Insurance Brokers a Decision Notice on 10 January 2013
(the “Decision Notice”) which notified it that for the reasons given below and pursuant to
section 45 of the Financial Services and Markets Act 2000 (the “Act”), the FSA had decided to
cancel the permission granted to Ryan & Company Insurance Brokers under Part IV of the Act
(“Ryan & Company Insurance Brokers’ Part IV permission”).

3. Ryan & Company Insurance Brokers has not referred the matter to the Upper Tribunal (Tax
and Chancery Chamber) within 28 days of the date on which the Decision Notice was given to
it.

4. Accordingly, the FSA has today cancelled Ryan & Company Insurance Brokers’ Part IV
permission.

REASONS FOR ACTION

5. On the basis of the facts and matters and conclusions described in its Warning Notice issued to
Ryan & Company Insurance Brokers dated 5 December 2012 (the “Warning Notice”), and in
the Decision Notice, it appears to the FSA that Ryan & Company Insurance Brokers is failing
to satisfy the threshold conditions set out in Schedule 6 to the Act (the “Threshold
Conditions”) in that the FSA is not satisfied that Ryan & Company Insurance Brokers is a fit

and proper person having regard to all the circumstances, including the need to ensure that its
business is conducted soundly and prudently.

6. This is because Ryan & Company Insurance Brokers has failed to comply with the regulatory
requirement to submit its Retail Mediation Activities Return for the period ended 31 July 2012
(the “RMAR”). Ryan & Company Insurance Brokers has not been open and co-operative in all
its dealings with the FSA, in that it has failed to respond to the FSA's repeated requests for it to
submit the RMAR, and has thereby failed to comply with Principle 11 of the FSA's Principles
for Businesses and to satisfy the FSA that it is ready, willing and organised to comply with the
requirements and standards under the regulatory system.

7. These failures, which are significant in the context of Ryan & Company Insurance Brokers’
suitability, lead the FSA to conclude that Ryan & Company Insurance Brokers is not
conducting its business soundly and prudently and in compliance with proper standards, 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 Part IV permission.

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 Ryan & Company Insurance Brokers in accordance with section
390(1) of the Act.

Publicity

10. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information about the
matter to which this Final Notice relates. Under those provisions, the FSA must publish such
information about the matter to which this Final Notice relates as the FSA considers
appropriate. The information may be published in such manner as the FSA considers
appropriate. However, the FSA may not publish information if such publication would, in the
opinion of the FSA, be unfair to Ryan & Company Insurance Brokers or prejudicial to the
interests of consumers.

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

FSA Contact

12. For more information concerning this matter generally, please contact Evan Cheminais at the
FSA (direct line: 020 7066 7232/fax: 020 7066 6677).



John Kirby
FSA Enforcement and Financial Crime Division