FINAL NOTICE

To:

Vehicle Contract Solutions (Roy Ulliott trading as)

ACTION

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



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


3.
Mr Ulliott 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 Mr Ulliott’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;


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“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to Mr Ulliott dated 24 July
2018;

“the Overdue Balance” means the amount owed by Mr Ulliott to the Authority of £145
in respect of periodic fees and levies, which was due for payment by 20 November
2016;

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

“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);


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

Mr Ulliott pursuant to Part 4A of the Act; and

“the Warning Notice” means the Warning Notice issued to Mr Ulliott dated 4 July
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 Mr Ulliott is failing
to meet the suitability Threshold Condition, in that the Authority is not satisfied that
Mr Ulliott is a fit and proper person having regard to all the circumstances, including
whether Mr Ulliott managed his business in such a way as to ensure that his affairs
were conducted in a sound and prudent manner.


7.
Mr Ulliott has failed to pay the Overdue Balance andhe has not been open and co-
operative in all his dealings with the Authority, in that Mr Ulliott has failed to respond
to the Authority’s repeated requests for him to pay the Overdue Balance, and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the Authority
that he 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 Mr Ulliott’s suitability, lead the
Authority to conclude that Mr Ulliott has failed to manage his business in such a way
as to ensure that his affairs are conducted in a sound and prudent manner, that he
is not a fit and proper person, and that he is therefore failing to satisfy the Threshold
Conditions in relation to the regulated activities for which he 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.

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IMPORTANT

10.
This Final Notice is given to Mr Ulliott 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 Mr Ulliott 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