FINAL NOTICE

To:
Transfer Gurus Ltd

ACTION

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


2.
The Authority issued to TGL the Decision Notice which notified TGL that for the
reasons given below and pursuant to Regulation 10(1)(h) (as applied by
Regulation 15) of the PSR, the Authority had decided to cancel the registration
granted to TGL as an SPI under the PSR.


3.
TGL 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 TGL’s registration as an SPI.

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;

“TGL” means Transfer Gurus Ltd (which was registered by the Authority on 15
May 2018as an SPI);

“the Decision Notice” means the Decision Notice issued by the Authority to TGL
dated 6 May 2021;

“the Overdue Balance” means the amount owed by TGL to the Authority
comprising an invoice dated 2 August 2019 for £250 for an administrative fee (for
non-submission of a regulatory return) which was due for payment by 1
September 2019; and an invoice dated 6 August 2019 for £570 for regulatory
fees and levies which was due for payment by 5 September 2019;


“the PSR” means the Payment Services Regulations 2017;

“SPI” means Small Payment Institution;

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

“the Warning Notice” means the Warning Notice issued by the Authority to TGL
dated 14 April 2021.


REASONS FOR THE ACTION

6.
TGL has failed to pay the Overdue Balance and to respond adequately to repeated
Authority requests that it pay the Overdue Balance.


7.
These failings lead the Authority to conclude that TGL has failed to demonstrate a
readiness and willingness to comply with its ongoing regulatory obligations which
include dealing with the Authority in an open and co-operative way. It is therefore
desirable to cancel TGL’s registration as an SPI in order to protect the interests of
consumers, in accordance with Regulation 10(1)(h) of the PSR (as applied by
Regulation 15 of the PSR).

DECISION MAKER

8.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

9.
This Final Notice is given to TGL in accordance with the Act (as applied by
paragraph 7(c) of Part 1 of Schedule 5 of the PSR).

Publicity

10.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of
Part 1 of Schedule 5 of the PSR) apply to the publication of information about the
matter to which this Final Notice relates. Under those provisions, 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 TGL or prejudicial to the interests of consumers.

11.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Authority contact

12.
For more information concerning this matter generally, please contact Yasmin
Moore at the Authority (direct line: 020 7066 5439).

Anna Couzens
Enforcement and Market Oversight Division