FINAL NOTICE

ACTION

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


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


3.
TYOL 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 TYOL’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 by the Authority to TYOL
dated 19 March 2018;

“the Principles” means the Authority’s Principles for Businesses;

“the Returns” means the CCR-Complaints, CCR001 (financial data) and CCR002
(volumes) returns for the period ended 28 February 2017, which TYOL was due to
submit to the Authority by 11 April 2017;

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

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

to the Act;

“TYOL” means Tide You Over Limited;


“TYOL’s Part 4A permission” means the permission granted by the Authority to

TYOL 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 TYOL
dated 20 February 2018.


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


7.
TYOL has failed comply with the regulatory requirement to submit the Returns.
TYOL has not been open and co-operative in all its dealings with the Authority, in
that TYOL has failed to respond to the Authority’s repeated requests for it to
submit the Returns, 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 failures, which are significant in the context of TYOL’s suitability, lead the
Authority to conclude that TYOL 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 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 TYOL 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 TYOL 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).

Anna Couzens
Enforcement and Market Oversight Division