FINAL NOTICE

Manchester
M45 7SS






ACTION

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


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


3.
WTL 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 WTL’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 WTL
dated 21 February 2018;

“the Overdue Balance” means the amount owed by WTL to the Authority of
£147.50 in respect of periodic fees and levies, which was due for payment by 21
December 2016;

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

“the Return” means CCR007 return for the period ended 31 January 2017, which
WTL was due to submit to the Authority by 14 March 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);

“the Warning Notice” means the Warning Notice issued by the Authority to WTL
dated 2 January 2018;

“WTL” means Wilton Trading Limited; and


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

WTL pursuant to Part 4A of the Act.


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


7.
WTL has failed comply with the regulatory requirement to submit the Return and
pay the Overdue Balance. WTL has not been open and co-operative in all its
dealings with the Authority, in that WTL 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 WTL’s suitability, lead the
Authority to conclude that WTL 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 WTL 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 WTL 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