Final Notice
On , the Financial Conduct Authority issued a Final Notice to Tech Solution London Limited
1
FINAL NOTICE
To:
Tech Solution (London) Limited
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against TSL.
2.
The Authority issued to TSL the Decision Notice which notified TSL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel TSL’s Part 4A permission.
3.
TSL 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 TSL’s Part 4A permission.
Tech Solution (London) Limited
14 October 2022
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 TSL
dated 19 March 2021;
“the Overdue Balance” means the outstanding sum of £894.26 owed by TSL to the
Authority comprising of: an invoice for regulatory fees and levies of £327.78 for
the period 1 April 2018 to 31 March 2019, which was due for payment by 23 August
2018; an invoice for an administrative fee of £250 which had been due for payment
by 13 June 2019 (in respect of non-submission of regulatory return due to be
submitted by 11 April 2019); and an invoice for regulatory fees and levies of
£316.48 for the period 1 April 2019 to 31 March 2020, which had been due for
payment by 30 August 2019.
“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;
“TSL” means Tech Solution (London) Limited;
“TSL’s Part 4A permission” means the permission granted by the Authority to TSL
pursuant to Part 4A 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 TSL
dated 25 February 2021.
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 TSL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
TSL is a fit and proper person having regard to all the circumstances, including
whether TSL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
TSL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that TSL has failed to respond to
the Authority’s repeated requests for it 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 TSL’s suitability, lead the
Authority to conclude that TSL has failed to manage its business in such a way as
to ensure that its 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.
Tech Solution (London) Limited
14 October 2022
3
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.
IMPORTANT
10.
This Final Notice is given to TSL in accordance with section 390(1) of the Act.
Publicity
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 TSL 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 Maciej
Alexander Bajko at the Authority (direct line: 020 7066 1838).
Anna Couzens
Enforcement and Market Oversight Division
FINAL NOTICE
To:
Tech Solution (London) Limited
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against TSL.
2.
The Authority issued to TSL the Decision Notice which notified TSL that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel TSL’s Part 4A permission.
3.
TSL 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 TSL’s Part 4A permission.
Tech Solution (London) Limited
14 October 2022
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 TSL
dated 19 March 2021;
“the Overdue Balance” means the outstanding sum of £894.26 owed by TSL to the
Authority comprising of: an invoice for regulatory fees and levies of £327.78 for
the period 1 April 2018 to 31 March 2019, which was due for payment by 23 August
2018; an invoice for an administrative fee of £250 which had been due for payment
by 13 June 2019 (in respect of non-submission of regulatory return due to be
submitted by 11 April 2019); and an invoice for regulatory fees and levies of
£316.48 for the period 1 April 2019 to 31 March 2020, which had been due for
payment by 30 August 2019.
“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;
“TSL” means Tech Solution (London) Limited;
“TSL’s Part 4A permission” means the permission granted by the Authority to TSL
pursuant to Part 4A 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 TSL
dated 25 February 2021.
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 TSL is failing to
satisfy the suitability Threshold Condition, in that the Authority is not satisfied that
TSL is a fit and proper person having regard to all the circumstances, including
whether TSL managed its business in such a way as to ensure that its affairs were
conducted in a sound and prudent manner.
7.
TSL has failed to pay the Overdue Balance and it has not been open and co-
operative in all its dealings with the Authority, in that TSL has failed to respond to
the Authority’s repeated requests for it 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 TSL’s suitability, lead the
Authority to conclude that TSL has failed to manage its business in such a way as
to ensure that its 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.
Tech Solution (London) Limited
14 October 2022
3
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.
IMPORTANT
10.
This Final Notice is given to TSL in accordance with section 390(1) of the Act.
Publicity
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 TSL 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 Maciej
Alexander Bajko at the Authority (direct line: 020 7066 1838).
Anna Couzens
Enforcement and Market Oversight Division