Final Notice
On , the Financial Conduct Authority issued a Final Notice to Tag Autosport Limited
1
FINAL NOTICE
To:
Tag Autosport Limited
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against TAL.
2.
The Authority issued to TAL the Decision Notice which notified TAL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel TAL’s Part 4A permission.
3.
TAL 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 TAL’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 TAL
dated 9 September 2022;
“TAL” means Tag Autosport Limited;
“TAL’s Part 4A permission” means the permission granted by the Authority to TAL
pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £316.52 owed by TAL to the
Authority comprising of: an invoice dated 10 July 2019 for regulatory fees and
levies of £156.19 for the period 1 April 2019 to 31 March 2020, which was due for
payment by 9 August 2019; and an invoice dated 5 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 3 November 2020.
“the Principles” means the Authority’s Principles for Business;
“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 TAL
dated 15 August 2022.
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 TAL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
TAL is a fit and proper person having regard to all the circumstances, including
whether TAL managed its business in such a way as to ensure that the affairs were
conducted in a sound and prudent manner.
7.
TAL has failed to pay the Overdue Balance and has not been open and co-operative
in all dealings with the Authority, in that TAL 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 TAL’s suitability, lead the
Authority to conclude that TAL 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
Conditions in relation to the regulated activities for which it has had a Part 4A
permission.
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DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Executive Decisions Committee.
IMPORTANT
10.
This Final Notice is given to TAL 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 TAL 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
To:
Tag Autosport Limited
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against TAL.
2.
The Authority issued to TAL the Decision Notice which notified TAL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel TAL’s Part 4A permission.
3.
TAL 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 TAL’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 TAL
dated 9 September 2022;
“TAL” means Tag Autosport Limited;
“TAL’s Part 4A permission” means the permission granted by the Authority to TAL
pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £316.52 owed by TAL to the
Authority comprising of: an invoice dated 10 July 2019 for regulatory fees and
levies of £156.19 for the period 1 April 2019 to 31 March 2020, which was due for
payment by 9 August 2019; and an invoice dated 5 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 3 November 2020.
“the Principles” means the Authority’s Principles for Business;
“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 TAL
dated 15 August 2022.
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 TAL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
TAL is a fit and proper person having regard to all the circumstances, including
whether TAL managed its business in such a way as to ensure that the affairs were
conducted in a sound and prudent manner.
7.
TAL has failed to pay the Overdue Balance and has not been open and co-operative
in all dealings with the Authority, in that TAL 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 TAL’s suitability, lead the
Authority to conclude that TAL 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
Conditions in relation to the regulated activities for which it has had a Part 4A
permission.
3
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Executive Decisions Committee.
IMPORTANT
10.
This Final Notice is given to TAL 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 TAL 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