FINAL NOTICE

ACTION

1. By way of an application dated 14 October 2013, Super Fast Loan Limited applied
to the OFT for a consumer credit licence. That application remained
undetermined at 1 April 2014, at which point statutory responsibility for
consumer credit regulation transferred from the OFT to the Authority.

2. In accordance with the Transitional Order, on 1 April 2014 the Application is to be
treated automatically as an application for Part 4A permission received by the
Authority on 1 April 2014 (“the Application”) to carry on the regulated activities of
Consumer Credit Lending.

3. The Application is incomplete.

4. For the reasons listed below, the Authority has refused the Application.

SUMMARY OF REASONS

5. The Authority decided to refuse the Application and to give this Final Notice as
Super Fast Loan Limited has failed to provide the information required by the
Authority and, in the absence of the information sought, the Authority cannot

ensure that Super Fast loan Limited will satisfy, and continue to satisfy, the
threshold conditions set out in Schedule 6 of the Act.

6. The Authority must ensure that the applicant satisfies and continues to satisfy the
threshold conditions. A firm must be capable of being effectively supervised by
the FCA having regard to all of the circumstances and, in particular, the guidance
set out in COND 2.3.3. That guidance suggests that the FCA will consider whether
it is likely that the FCA will receive adequate information from the firm to enable
it to determine whether the firm is complying with the requirements and
standards under the regulatory system for which the Authority is responsible, and
this includes whether the firm is ready, willing and organised to comply with
Principle 11.

7. The Authority has contacted the applicant on eight occasions over a period of
thirteen weeks and on six occasions sought further specific information and
evidence from the applicant. The applicant has never responded.

8. The failure of the applicant to respond to the FCA’s correspondence/requests for
information has prevented the Authority from completing its investigation and
further indicates that the applicant is not ready, willing or organised to comply
with the regulatory regime which it would find itself under, were the application
determined in the applicant’s favour, and it is for this reason the Authority
concludes that the applicant’s application should be refused.

9. By its Warning Notice dated 10 September 2014 (“the Warning Notice”) the
Authority gave notice that it proposed to refuse the Application and that Super
Fast Loan Limited was entitled to make representations to the Authority about
that proposed action.

10. As no representations have been received by the Authority from Super Fast Loan
Limited within the time allowed by the Warning Notice, the default procedures in
paragraph 2.3.2 of the Authority’s Decision Procedure and Penalties Manual
apply, permitting the Authority to treat the matters referred to in its Warning
Notice as undisputed and, accordingly, to give a Decision Notice.

11. By its Decision Notice dated 3 November 2014 (“the Decision Notice”), the
Authority gave Super Fast Loan Limited notice that it had decided to take the
action described above.

12. Super Fast Loan Limited had 28 days from the date the Decision notice was given
to refer the matter to the Upper Tribunal (formerly known as the Financial
Services and Markets Tribunal). No referral was made to the Upper Tribunal
within this period of time or to date.

13. Under section 390 (1) of the Act, the Authority, having decided to refuse the
Application and there having been no reference of that decision to the Tribunal,
must give Super Fast Loan Limited Final Notice of its refusal.

DEFINITIONS

14. The definitions below are 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 “OFT” means the body that before 1 April 2014 was known as The Office of
Fair Trading.

The “Transitional Order” means The Financial Services and Markets Act 2000
(Regulated Activities) (Amendment) (No.2) Order 2013.

FACTS AND MATTERS

15. The Application was received on 1 April 2014.

16. Further information was requested from Super Fast Loan Limited under section
55U(5) of the Act. Details of all the communications between the Authority and
Super Fast Loan Limited are set out below:

(1)
10 April 2014 – an email was sent to inform the firm of who their case
officer was to be.

(2)
2 May 2014 – an email was sent asking the firm to confirm receipt of the
email dated 10 April 2014, and whether they would like to continue with
their application for FCA authorisation.

(3)
14 May 2014 – a letter was sent, via recorded delivery, informing the firm
of who their case officer was, and requesting additional pieces of
information. This letter was returned undelivered as “not called for.”

(4)
30 May 2014 – a letter was sent, via recorded delivery, re-requesting
information and explaining that if the required information was not
provided, then a recommendation for a Warning Notice to be issued would
be presented to the Regulatory Transaction Committee.

(5)
13 June 2014 – a letter was sent, via recorded delivery, re-requesting
information and re-explaining the consequences of not providing this
information.

(6)
25 June 2014 – a letter was sent, via recorded delivery, re-requesting
information and re-explaining the consequences of not providing this
information. This letter was returned undelivered as “not called for.”

(7)
11 July 2014 – a letter and email was sent, via recorded delivery, again
requesting information and again explaining the consequences of not
providing this information.

17. The Authority received no response to any of the communications set out above.

IMPACT ON THRESHOLD CONDITIONS

18. The regulatory provisions relevant to this Final Notice are referred to in Annex A.

19. The regulatory provisions relevant to this Decision Notice are referred to in
Annex A.

20. A firm must be capable of being effectively supervised by the FCA having regard
to all of the circumstances. COND 2.3.3[G] provides further guidance:

i. “In assessing the Threshold Conditions set out in paragraph 2C… factors
which the FCA will take into consideration include, amongst other things,
whether;

i. It is likely that the FCA will receive adequate information from the
firm… to enable it to determine whether the firm is complying with
the requirements and standards under the regulatory system… This
will include whether the firm is ready, willing and organised to
comply with Principle 11 on the provision of information to the
FCA.”

21. The firm has failed to contact the Authority or provide the required information to
determine the application despite being requested to do so on multiple occasions
and despite being warned of the possible consequences of not doing so. This
indicates that the firm is not ready, willing or organised to comply with its duty to
be open and co-operative with the Authority and is thus not capable of being
effectively supervised.

22. On the basis of the facts and matters described above, in particular the failure to
provide the information sought, the Authority has concluded that it cannot ensure
that Super Fast Loan Limited will satisfy, and continue to satisfy, the threshold
conditions in relation to all of the regulated activities for which Super Fast Loan
Limited would have permission if the application was granted.

IMPORTANT NOTICES

23. This Final Notice is given under section 390 (1) of the Act.

24. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Notice relates. Under those
provisions, the Authority must publish such information about the matter to which
this 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 you or prejudicial to the interests of consumers or
detrimental to the stability of the UK financial system.

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

Authority contacts

26. For more information concerning this matter generally, contact Kim-Louise
Heffernan, Senior Manager, Credit Authorisations Division at the Authority (direct
line: 020 7066 7372 / email: kim-louise.heffernan@fca.org.uk).

Graeme McLean
on behalf of the Regulatory Transactions Committee

ANNEX A – REGULATORY PROVISIONS RELEVANT TO THIS FINAL NOTICE

1. Section 55A(1) of the Act provides for an application for permission to carry on
one or more regulated activities to be made to the appropriate regulator. Section
55A(2) defines the “appropriate regulator” for different applications.

2. Section 55B(3) of the Act provides that, in giving or varying permission, imposing
or varying a requirement, or giving consent, under any provision of Part 4A of the
Act, each regulator must ensure that the person concerned will satisfy, and
continue to satisfy, in relation to all of the regulated activities for which the
person has or will have permission, the threshold conditions for which that
regulator is responsible.

3. The threshold conditions are set out in schedule 6 of the Act. In brief, the
threshold conditions relate to:

(1)
Threshold condition 2B: Location of offices

(2)
Threshold condition 2C: Effective supervision

(3)
Threshold condition 2D: Appropriate resources

(4)
Threshold condition 2E: Suitability

(5)
Threshold condition 2F: Business model

4. In respect of applications for a consumer credit licence received but not
determined by the OFT before 1 April 2014, paragraph 31(8) of the Transitional
Order provides that, for the purposes of section 55V of the Act (determination of
applications), the appropriate regulator is to be treated as having received the
application on 1st April 2014.

Relevant provisions of the Authority’s Handbook

5. In exercising its powers in relation to the granting of a Part 4A permission, the
Authority must have regard to guidance published in the Authority Handbook,
including the part titled Threshold Conditions (“COND”). The main considerations
in relation to the action specified are set out below.

Threshold condition 2C: Effective Supervision

6. COND 2.3.3G states that, in assessing the Threshold Conditions set out in
paragraphs 2C and 3B of Schedule 6 to the Act, factors which the FCA will take
into consideration include, amongst other things, whether:

(1) It is likely that the FCA will receive adequate information from the firm,
and those persons with whom the firm has close links, to enable it to
determine whether the firm is complying with the requirements and
standards under the regulatory system for which the FCA is responsible
and to identify and assess the impact on its statutory objectives; this will
include consideration of whether the firm is ready, willing and organised to
comply with Principle 11.