Final Notice
On , the Financial Conduct Authority issued a Final Notice to Stanley Moore Motors Ltd
1
FINAL NOTICE
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Stanley Moore Motors Ltd.
2.
The Authority issued to Stanley Moore Motors Ltd the Decision Notice which notified
Stanley Moore Motors Ltd that for the reasons given below and pursuant to section
55J of the Act, the Authority had decided to cancel Stanley Moore Motors Ltd’s Part
4A permission.
3.
Stanley Moore Motors Ltd 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 Stanley Moore Motors Ltd’s Part 4A
permission.
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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 SMML
dated 8 February 2023;
“the Overdue Balance” means the outstanding sum of £910.33 owed by SMML to
the Authority comprising: an invoice dated 15 March 2019 for late regulatory return
fee of £250; an invoice dated 13 March 2020 for late regulatory return fee of £250;
an invoice dated 10 August 2020 for regulatory fees and levies of £160.33 for the
period 1 April 2020 to 31 March 2021, which was due for payment by 8 November
2020; and an invoice dated 29 November 2021 for late submission of Firm Details
Attestation fee of £250;
“the Principles” means the Authority’s Principles for Business;
“SMML” means Stanley Moore Motors Ltd;
“SMML’s Part 4A permission” means the permission granted by the Authority to
SMML 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 SMML
dated 12 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 SMML is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that SMML is a fit and proper person having regard to all the circumstances,
including whether SMML managed its business in such a way as to ensure that the
affairs were conducted in a sound and prudent manner.
7.
SMML has failed to pay the Overdue Balance and has not been open and co-
operative in all dealings with the Authority, in that SMML 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 SMML’s suitability, lead the
Authority to conclude that SMML has failed to manage its business in such a way
as to ensure that his 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
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Conditions in relation to the regulated activities for which it has had a Part 4A
permission.
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 SMML in accordance with section 390(1) of the Act.
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 SMML 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 Loktuz
Zaman at the Authority (direct line: 020 7066 0601).
Jeremy Parkinson
Enforcement and Market Oversight Division
FINAL NOTICE
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Stanley Moore Motors Ltd.
2.
The Authority issued to Stanley Moore Motors Ltd the Decision Notice which notified
Stanley Moore Motors Ltd that for the reasons given below and pursuant to section
55J of the Act, the Authority had decided to cancel Stanley Moore Motors Ltd’s Part
4A permission.
3.
Stanley Moore Motors Ltd 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 Stanley Moore Motors Ltd’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 SMML
dated 8 February 2023;
“the Overdue Balance” means the outstanding sum of £910.33 owed by SMML to
the Authority comprising: an invoice dated 15 March 2019 for late regulatory return
fee of £250; an invoice dated 13 March 2020 for late regulatory return fee of £250;
an invoice dated 10 August 2020 for regulatory fees and levies of £160.33 for the
period 1 April 2020 to 31 March 2021, which was due for payment by 8 November
2020; and an invoice dated 29 November 2021 for late submission of Firm Details
Attestation fee of £250;
“the Principles” means the Authority’s Principles for Business;
“SMML” means Stanley Moore Motors Ltd;
“SMML’s Part 4A permission” means the permission granted by the Authority to
SMML 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 SMML
dated 12 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 SMML is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that SMML is a fit and proper person having regard to all the circumstances,
including whether SMML managed its business in such a way as to ensure that the
affairs were conducted in a sound and prudent manner.
7.
SMML has failed to pay the Overdue Balance and has not been open and co-
operative in all dealings with the Authority, in that SMML 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 SMML’s suitability, lead the
Authority to conclude that SMML has failed to manage its business in such a way
as to ensure that his 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
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Conditions in relation to the regulated activities for which it has had a Part 4A
permission.
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 SMML in accordance with section 390(1) of the Act.
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 SMML 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 Loktuz
Zaman at the Authority (direct line: 020 7066 0601).
Jeremy Parkinson
Enforcement and Market Oversight Division