FINAL NOTICE

To: The Vehicle Repair Specialist (VRS) Limited

Of: 16 James Street
Righead Industrial Estate
Bellshill
North Lanarkshire
ML43LU

FRN: 777482

Dated: 20 September 2019


ACTION

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

2.
The Authority issued to TVRSL the Decision Notice which notified it that for the
reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel TVRSL’s Part 4A permission.

3. TVRSL has not referred the matter to the Tribunal within 28 days of the date on

which the Decision Notice was issued to it.

4.
Accordingly, the Authority has today cancelled TVRSL’s Part 4A permission.

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 to TVRSL dated 3 July
2019;


“the Return” means the CCR007 return for the period ended 30 April 2018,
which TVRSL was due to submit to the Authority by 13 June 2018;

“the suitability Threshold Condition” means the Threshold Condition set out in
paragraph 2E of Schedule 6 to the Act;


The Vehicle Repair Specialist (VRS) Limited 20 September 2019
Final Notice
Page 2

“the Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act;

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


“TVRSL” means The Vehicle Repair Specialist (VRS) Limited;

“TVRSL’s Part 4A permission” means the permission granted by the Authority to
TVRSL pursuant to Part 4A of the Act and


“the Warning Notice” means the Warning Notice issued to TVRSL dated 5 June
2019.

REASONS FOR 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 TVRSL is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that TVRSL is a fit and proper person having regard to all the circumstances,
including whether TVRSL managed its business in such a way as to ensure that its
affairs were conducted in a sound and prudent manner.

7.
This is because TVRSL has failed to comply with the regulatory requirement to
submit the Return. TVRSL has not been open and co-operative in all its dealings
with the Authority, in that TVRSL has failed to respond adequately to the Authority's
repeated requests for it to submit the Return, and has thereby failed to comply
with Principle 11 of the Authority's Principles for Businesses and to satisfy the
Authority that it is ready, willing and organised to comply with the requirements
and standards under the regulatory system.

8.
These failures, which are significant in the context of TVRSL’s suitability, lead the
Authority to conclude that TVRSL 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 TVRSL was granted a Part
4A permission.

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 TVRSL in accordance with section 390(1) of the Act.

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Final Notice Page 3

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 TVRSL 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 Victoria
Oyebanjo at the Authority (direct line: 020 706 64564).

Martin Butcher
Enforcement and Market Oversight Division