FINAL NOTICE

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.


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 7 March 2018;

“the Overdue Balance” means the amount owed by TSL to the Authority of £553,
comprising: an invoice dated 5 July 2017 for £250, in respect of an administrative
fee for non-submission of a regulatory return, which was due for payment by 4
August 2017; and an invoice dated 30 August 2017 for £303 in respect of periodic
fees and levies, which was due for payment by 29 September 2017;

“TSL” means Troopers Sales Limited;


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

pursuant to Part 4A of the Act;

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

“the Return” means CCR007 return for the period ended 31 March 2017, which
TSL was due to submit to the Authority by 17 May 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;

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

“TSL” means Troopers Sales Limited;


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

pursuant to Part 4A of the Act; and

“the Warning Notice” means the Warning Notice issued by the Authority to TSL
dated 7 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 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 comply with the regulatory requirement to submit the Return and
pay the Overdue Balance. TSL 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 submit the Return and 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 failures, 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 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 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 Funmi Ojo
at the Authority (direct line: 020 7066 1354).

Anna Couzens
Enforcement and Market Oversight Division