FINAL NOTICE

To:
Sellthiscar Limited (“the Firm”)

ACTION

1.
For the reasons set out given in this Final Notice, and pursuant to section 55J of the Act,
the Authority has decided to cancel the Firm’s Part 4A permission to carry on regulated
activities.

2.
The Authority issued to the Firm the Decision Notice, which notified it that for the reasons
given in this Final Notice, the Authority had decided to take the action specified above.

3.
The Firm 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 the Firm’s Part 4A permission. The
cancellation takes effect from the date of this Final Notice.

SUMMARY OF THE REASONS

5.
On the basis of the facts and matters set out in this Final Notice, the Authority considers
that the Firm has failed to satisfy the suitability Threshold Condition. Specifically, the
Authority is not satisfied that the Firm is a fit and proper person to conduct regulated

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activities having regard to all the circumstances, including:

a. the Firm’s connection with Mr Kashmiri, its sole director and approved person, who had
been convicted of serious criminal offences and dishonestly failed to declared these to
the Authority; and

b. The Firm’s failure to notify the Authority of Mr Kashmiri’s criminal convictions in its
application for Mr Kashmiri’s approval.

6.
The Authority considers that it is appropriate to take the action described in paragraph 1
to advance its consumer protection and integrity objectives (sections 1C and 1D of the
Act, respectively).

DEFINITIONS

7.
The definitions below are used in this Final Notice (and in the Annex):

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

“the Authority” means the Financial Conduct Authority;

“COND” means the Threshold Conditions part of the Handbook;

“the Decision Notice” means the Decision Notice given the Firm on 12 August
2024;

“DEPP” means the Authority’s Decision Procedure and Penalties manual;

“EG” means the Enforcement Guide;

“the Firm” means Sellthiscar Limited (FRN: 979817);

“the Firm’s Part 4A permissions” means the permissions granted by the Authority to the
Firm under the Act;

“the Handbook” means the Authority’s Handbook of Rules and Guidance;

“Mr Kashmiri” means Mohammed Ali Kashmiri;

“RDC” means the Regulatory Decisions Committee, a committee of the Authority which
takes certain decisions on behalf of the Authority (see further under Procedural matters
below);

“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 of the
Act; and

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

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RELEVANT STATUTORY AND REGULATORY PROVISIONS

8.
The statutory and regulatory provisions relevant to this Final Notice are set out in the
Annex.

FACTS AND MATTERS

9.
Mr Kashmiri has been the sole director and shareholder at the Firm since incorporation on
13 July 2022.

10.
The Firm was authorised by the Authority on 11 August 2022 to carry out limited consumer
credit regulated activities relating to credit broking, debt adjusting and debt counselling.

11.
Mr Kashmiri has been approved by the Authority to perform the SMF29 (Limited Scope)
senior management function for the Firm since 11 August 2022. The Firm has no other
approved persons.

12.
On 7 May 2013, at Manchester Minshull Street Crown Court, Mr Kashmiri was convicted
of dishonestly making false representations to make gain for himself, or another, or cause
loss to other/expose others to risk contrary to section 1(1) of the Fraud Act 2006. On 14
August 2013, Mr Kashmiri was sentenced to 6 months’ imprisonment suspended for 24
months, in addition to a confiscation order for £20,000 to be paid within 28 days, or in
default to serve 12 months’ imprisonment. He also received a suspended sentence of 300
hours unpaid work and was electronically monitored for 3 months.

13.
On 13 February 2018, at Manchester Crown Court, Mr Kashmiri was convicted of conspiring
with others fraudulently to evade the prohibition on the importation of cannabis contrary
to section 170 of the Customs and Excise Management Act 1979. The offending took place
between 1 February 2016 and 30 March 2016. On 21 March 2018, Mr Kashmiri was
sentenced to 8 years’ imprisonment and a 5-year travel restriction order under section 33
of the Criminal Justice and Police Act 2001.

14.
On 27 July 2022 Mr Kashmiri, on behalf of the Firm, applied to the Authority for approval
to hold the SMF29 (Limited Scope) senior management function. As part of the application,
Mr Kashmiri falsely declared that he had no previous criminal convictions, and that the
information provided in the application was accurate to the best of his and the Firm’s
knowledge.

15.
Accordingly, it appears to the Authority that Mr Kashmiri is not a fit and proper person in
terms of his honesty and integrity and that he poses a risk to consumers and the integrity
of the UK financial system, insofar as public confidence in financial services and people
operating within it are concerned.

16.
For the reasons described above, it appears to the Authority that the Firm is failing to
satisfy the Suitability Threshold Condition due to its connection with Mr Kashmiri as its
sole director and approved person, and that it is appropriate to cancel the Firm’s Part 4A
permission.

PROCEDURAL MATTERS

17.
This Final Notice is given to the Firm under section 390(1) of the Act.

Decision maker

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18.
The decision which gave rise to the obligation to give this Final Notice was made by the
RDC. The RDC is a committee of the Authority which takes certain decisions on behalf of
the Authority. The members of the RDC are separate to the Authority staff involved in
conducting investigations and recommending action against firms and individuals. Further
information about the RDC can be found on the Authority’s website:

19.
Section 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 Authority
must publish such information about which this Final Notice relates as the Authority
considers appropriate.

20.
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 the Firm or prejudicial to the interest of consumers
or detrimental to the stability of the UK financial system.

21.
The Authority intends to publish such information about the matter to which this Final
Notice relates as it considers appropriate.

Authority Contacts

22.
For more information concerning this matter generally, the Firm should contact Poonam
Pandya at the Authority (direct line: 020 7066 1654).

Jeremy Parkinson
Enforcement and Market Oversight Division

ANNEX A

RELEVANT STATUTORY PROVISIONS

1. The Authority’s operational objectives, set out in section 1B(3) of the Act, include
securing an appropriate degree of protection for consumers (section 1C of the Act) and
protecting and enhancing the integrity of the UK financial system (section 1D of the Act).

2. The Authority is authorised by section 55J of the Act to cancel an authorised person’s
Part 4A permissions, where it appears to the Authority that an authorised person is
failing, or is likely to fail, to satisfy the Threshold Conditions.

3. Paragraph 1A(2) of Schedule 6 to the Act states that, for the purposes of Schedule 6 to
the Act, the “non-financial resources” of a person include, amongst other things, the
human resources that the person has available.

4. The suitability Threshold Condition set out in Part 1B(2E) of Schedule 6 to the Act
provides, in relation to a person (“A”) carrying on or seeking to carry on regulated
activities which do not consist of or include a PRA-regulated activity that:

“A must be a fit and proper person having regard to all the circumstances, including-

(a) A’s connection with any person;

(d) whether A has complied and is complying with requirements imposed by the
[Authority] in the exercise of its functions, or requests made by the [Authority],
relating to the provision of information to the [Authority] and, where A has so
complied or is so complying, the manner of that compliance”

RELEVANT REGULATORY PROVISIONS

5. In exercising its power to cancel a firm’s Part 4A permissions, the Authority must have
regard to the regulatory requirements and guidance published in the Handbook and in
regulatory guides, such as EG. The main considerations relevant to the action specified
in this notice are set out below.

The Threshold Conditions

6. COND sets out guidance on the Threshold Conditions.

7. COND 1.2.1 sets out that the Threshold Conditions represent the minimum conditions to
which the Authority is responsible, which a firm is required to satisfy, and continue to
satisfy, in order to be given and to retain a Part 4A permission.

8. COND 1.2.3G reproduces the relevant statutory provision that the Authority may
exercise its own-initiative powers to cancel an authorised person’s Part 4A permission,
if a firm is failing to satisfy any of the Threshold Conditions, or is likely to fail to do so.

COND 2.4: Guidance on the appropriate resources Threshold Condition

9. COND 2.4.1AUK reproduces the relevant statutory provisions that the resources of a
person concerned must be appropriate in relation to the regulated activities that person
carries on or seeks to carry on, and that the matters which are relevant in

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determining whether such a person has appropriate non-financial resources includes
whether that person’s non-financial resources are sufficient to enable it to comply with
the requirements imposed or likely to be imposed on it by the Authority in the course of
the exercise of its functions.

10. COND 2.4.2G(2) provides that the Authority will interpret the term ‘appropriate’ as
meaning sufficient in terms of quantity, quality and availability, and ‘resources’ as
including, non-financial resources and means of managing its resources, an example of
which includes human resources.

COND 2.5: Guidance on the suitability Threshold Condition

11. COND 2.5.1AUK(1) reproduces the relevant statutory provision that a person concerned
must be a fit and proper person having regard to all the circumstances, including,
amongst other things:

•
that person’s connection with any person (COND 2.5.1AUK(1)(a)); and

•
the need to comply with requirements imposed by the Authority in the exercise
of its functions, or requests made by the Authority, relating to the provision of
information to the Authority, and where a person has so complied or is so
complying, the manner of that compliance (COND 2.5.1AUK(1)(d)).

12. COND 2.5.3G states that the emphasis of the suitability Threshold Condition is on the
suitability of the firm itself. However, in certain circumstances, the Authority may
consider that the firm is not suitable because of doubts over the individual or collective
suitability of persons connected with the firm.

13. COND 2.5.6G gives examples of the kind of particular considerations to which the
Authority may have regard when assessing whether a firm will satisfy, and continue to
satisfy, the suitability Threshold Condition including, but not limited to:

•
whether the firm has been open and co-operative in all its dealings with the
Authority (Principle 11 (Relations with regulators)) and is ready, willing and
organised to comply with the requirements and standards under the regulatory
system in addition to other legal, regulatory and professional obligations; the
relevant requirements and standards will depend on the circumstances of each
case, including the regulated activities which the firm has permission, or is
seeking permission, to carry on (COND 2.5.6G(1));

•
whether the firm has been convicted or is connected with a person who has been
convicted, of any criminal offence; this must include, where provided for by the
Rehabilitation Exceptions Orders to the Rehabilitation of Offenders Act 1974 or
the Rehabilitation of Offenders (Northern Ireland) Order 1978 (as applicable),
any spent convictions; particular consideration will be given to offences of
dishonesty, fraud, financial crime or an offence under legislation relating to
companies, building societies, industrial and provident societies, credit unions,
friendly societies, banking, other financial services, insolvency, consumer credit
companies, insurance, consumer protection, money laundering, market
manipulation and insider dealing, whether or not in the United Kingdom (COND
2.5.6G(2)); and

•
whether the firm has contravened, or is connected with a person who has
contravened, any provisions of the Act or the regulatory system (which includes
the threshold conditions, the Principles and other rules, the Statements of
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Principle, codes and guidance) (COND 2.5.6G(4)).

The Enforcement Guide

14. The Authority’s policy in relation to exercising its enforcement powers is set out in EG,
certain provisions of which are summarised below.

15. EG 8.1.1 provides that the Authority may use its own-initiative power to vary or cancel
the Part 4A permissions of an authorised person under section 55J of the Act where:

•
the person is failing or is likely to fail to satisfy the Threshold Conditions for which
the Authority is responsible (EG 8.1.1(1)); or

•
it is desirable to exercise the power in order to advance one or more of its
operational objectives (EG 8.1.1(3)).

16. EG 8.5.1(1) states that the Authority will consider cancelling a firm’s Part 4A permissions
using its own-initiative powers under section 55J of the Act in circumstances where the
Authority has very serious concerns about the firm, or the way its business is or has
been conducted.

17. EG 8.5.2 provides examples of the types of circumstances in which the Authority may
cancel a firm’s Part 4A permission on its own initiative including material non-disclosure
in an application for authorisation or approval or material non-notification after
authorisation or approval has been granted. The information which is the subject of the
non-disclosure or non-notification may also be grounds for cancellation (EG 8.5.2(2)).

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