FINAL NOTICE

ACTION

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

2.
The Authority gave Sultan Ahmed a Decision Notice on 12 May 2014 (“the
Decision Notice”) which notified him that for reasons given below and pursuant to
Regulation 10(1)(j) of the PSR, the Authority had decided to cancel the
registration granted to Sultan Ahmed.

3.
Sultan Ahmed has not referred the matter to the Tribunal within 28 days of the
date on which the Decision Notice was given to him.

4.
Accordingly, the Authority has today cancelled Sultan Ahmed’s registration.

DEFINITIONS

5.
The definitions below are also used in this Final Notice:

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

“the Authority” means the body corporate previously known as the Financial
Services Authority and renamed on 1 April 2013 as the Financial Conduct
Authority;


“the Information” means the information specified in paragraphs 1, 7, 8 and 9 of
Schedule 2 of the PSR, and which was required to be provided by Sultan Ahmed
to the Authority under Regulation 125A(2) of the PSR;

“the PSR” means the Payment Services Regulations 2009;

“SPI” means Small Payment Institution;

“Sultan Ahmed’s registration” means the registration granted by the Authority to
Sultan Ahmed as a SPI under the PSR; and


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

REASONS FOR THE ACTION

6.
On the basis of the facts and matters and conclusions described in the Warning
Notice issued to Sultan Ahmed dated 2 April 2014, and in the Decision Notice, the
Authority has concluded that Sultan Ahmed, a SPI registered by the Authority to
conduct payment services business under the PSR, has failed to submit material
information to the Authority, despite repeated requests by the Authority that he
does so. The Information which has not been submitted is material because it is
specifically required to be provided by Sultan Ahmed under Regulation 125A(2) of
the PSR to enable the Authority to assess whether Sultan Ahmed meets the ‘fit
and proper’ requirements applicable to him (following amendments to the PSR on
1 October 2012).

7.
As Sultan Ahmed has failed to comply with Regulation 125A(2), the Authority has
cancelled his registration as a SPI, in accordance with Regulation 10(1)(j) of the
PSR (as applied by Regulation 14).

DECISION MAKER

8.
The decision which gave rise to the obligation to give this Final Notice was made
by a Deputy Chairman of the Regulatory Decisions Committee.

IMPORTANT

9.
This Final Notice is given to Sultan Ahmed in accordance with section 390(1) of
the Act (as applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

10.
Section 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of
Part 1 of Schedule 5 of 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 Sultan Ahmed or prejudicial to the interest of consumers.

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



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Authority contact

12.
For more information concerning this matter generally, Sultan Ahmed should
contact Donovan Thorpe-Davis at the Authority (direct line: 020 7066 8678).

John Kirby
Enforcement and Financial Crime Division