Decision Notice
On , the Financial Conduct Authority issued a Decision Notice to Technology Consulting Finance Limited
NOTICE OF DECISION
ACTION
1.
For the reasons given below, the Authority has decided to cancel Technology Consulting Finance
Limited’s Part 4A permission. The cancellation takes effect on the date of this Notice of Decision.
2.
The effect of the cancellation is that Technology Consulting Finance Limited no longer has
permission to carry on any regulated activities.
DEFINITIONS
3.
The definitions below are used in this Notice of Decision (and in the Annex):
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“EG” means the Enforcement Guide;
“the Further Notice” means the further notice issued by the Authority to TCFL dated 10 August
2023;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the Notice” means the notice issued by the Authority to TCFL dated 11 July 2023;
“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;
“SUP” means the Supervision Manual, part of the Handbook;
“TCFL” means Technology Consulting Finance Limited;
“TCFL’s Part 4A permission” means the Part 4A permission granted by the Authority to TCFL;
and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).
FACTS AND MATTERS
4.
TCFL was authorised by the Authority on 9 July 2014 and has a Part 4A permission to conduct
the following regulated activities in relation to consumer credit business:
i. agreeing to carry on a regulated activity; and
ii. credit broking.
5.
TCFL submitted regulatory returns to the Authority for the period 1 January 2021 to 31
December 2022 which show that TCFL has not generated any income from the regulated
activities it is permitted to carry on. In addition, there are no other matters that suggest TCFL
is carrying on regulated activities.
6.
On 11 July 2023, the Authority gave TCFL the Notice which stated that:
(a)
it appears to the Authority that TCFL is carrying on no regulated activity to which its Part
4A permission relates; and
(b)
the Authority may take action to cancel TCFL’s Part 4A permission unless it responds to
the Notice in the manner specified in the directions to the Notice.
7.
TCFL failed to respond to the Notice.
8.
As a result of the matters specified above, on 10 August 2023, the Authority gave TCFL the
Further Notice which stated that:
a) the Authority considered that TCFL is carrying on no regulated activity to which its Part
4A permission relates; and
b) the Authority proposes to cancel TCFL’s Part 4A permission on 11 September 2023
unless TCFL takes the steps specified in the directions to the Further Notice.
9.
TCFL failed to take the steps specified in the Further Notice.
CANCELLATION OF PART 4A PERMISSION
10.
From the facts and matters described above, the Authority considers that TCFL is carrying on
no regulated activities to which its Part 4A permission relates. The Authority has therefore
decided to cancel TCFL’s Part 4A permission. The cancellation of TCFL’s Part 4A permission
takes effect on the date of this Notice of Decision.
11.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.
PROCEDURAL MATTERS
12.
This Notice of Decision is given to TCFL under paragraph 3 of Schedule 6A to the Act (variation
or cancellation of Part 4A permission on initiative of FCA: additional power).
The following paragraphs are important.
Annulment of the Authority’s decision
13.
If TCFL is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice of
Decision, TCFL may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.
14.
TCFL must submit a completed application for an annulment of the Authority’s decision to the
Authority by 10 September 2024 and in the manner specified by the Authority.
The Tribunal
15.
TCFL does not have a right to refer the decision to give this Notice of Decision to the Tribunal.
16.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.
17. For more information concerning this matter generally, TCFL should contact Diluar Khan
(direct line: 020 7066 5953).
Jeremy Parkinson
Enforcement and Market Oversight Division
ACTION
1.
For the reasons given below, the Authority has decided to cancel Technology Consulting Finance
Limited’s Part 4A permission. The cancellation takes effect on the date of this Notice of Decision.
2.
The effect of the cancellation is that Technology Consulting Finance Limited no longer has
permission to carry on any regulated activities.
DEFINITIONS
3.
The definitions below are used in this Notice of Decision (and in the Annex):
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“EG” means the Enforcement Guide;
“the Further Notice” means the further notice issued by the Authority to TCFL dated 10 August
2023;
“the Handbook” means the Authority’s Handbook of rules and guidance;
“the Notice” means the notice issued by the Authority to TCFL dated 11 July 2023;
“Part 4A permission” means permission to conduct regulated activities, granted by the
Authority under Part 4A of the Act;
“SUP” means the Supervision Manual, part of the Handbook;
“TCFL” means Technology Consulting Finance Limited;
“TCFL’s Part 4A permission” means the Part 4A permission granted by the Authority to TCFL;
and
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).
FACTS AND MATTERS
4.
TCFL was authorised by the Authority on 9 July 2014 and has a Part 4A permission to conduct
the following regulated activities in relation to consumer credit business:
i. agreeing to carry on a regulated activity; and
ii. credit broking.
5.
TCFL submitted regulatory returns to the Authority for the period 1 January 2021 to 31
December 2022 which show that TCFL has not generated any income from the regulated
activities it is permitted to carry on. In addition, there are no other matters that suggest TCFL
is carrying on regulated activities.
6.
On 11 July 2023, the Authority gave TCFL the Notice which stated that:
(a)
it appears to the Authority that TCFL is carrying on no regulated activity to which its Part
4A permission relates; and
(b)
the Authority may take action to cancel TCFL’s Part 4A permission unless it responds to
the Notice in the manner specified in the directions to the Notice.
7.
TCFL failed to respond to the Notice.
8.
As a result of the matters specified above, on 10 August 2023, the Authority gave TCFL the
Further Notice which stated that:
a) the Authority considered that TCFL is carrying on no regulated activity to which its Part
4A permission relates; and
b) the Authority proposes to cancel TCFL’s Part 4A permission on 11 September 2023
unless TCFL takes the steps specified in the directions to the Further Notice.
9.
TCFL failed to take the steps specified in the Further Notice.
CANCELLATION OF PART 4A PERMISSION
10.
From the facts and matters described above, the Authority considers that TCFL is carrying on
no regulated activities to which its Part 4A permission relates. The Authority has therefore
decided to cancel TCFL’s Part 4A permission. The cancellation of TCFL’s Part 4A permission
takes effect on the date of this Notice of Decision.
11.
The statutory and regulatory provisions relevant to this Notice of Decision are set out in the
Annexes.
PROCEDURAL MATTERS
12.
This Notice of Decision is given to TCFL under paragraph 3 of Schedule 6A to the Act (variation
or cancellation of Part 4A permission on initiative of FCA: additional power).
The following paragraphs are important.
Annulment of the Authority’s decision
13.
If TCFL is aggrieved by the decision to cancel its Part 4A permission as set out in this Notice of
Decision, TCFL may make an application for an annulment of the Authority’s decision under
paragraph 4 of Schedule 6A to the Act.
14.
TCFL must submit a completed application for an annulment of the Authority’s decision to the
Authority by 10 September 2024 and in the manner specified by the Authority.
The Tribunal
15.
TCFL does not have a right to refer the decision to give this Notice of Decision to the Tribunal.
16.
The Authority intends to publish such information about the matter to which this Notice of
Decision relates as the Authority considers appropriate. The information may be published in
such manner as the Authority considers appropriate.
17. For more information concerning this matter generally, TCFL should contact Diluar Khan
(direct line: 020 7066 5953).
Jeremy Parkinson
Enforcement and Market Oversight Division