FINAL NOTICE

ACTION

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

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

3.
YCI 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 YCI’s 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 to YCI dated 29 January
2016;

“RMAR” means the Retail Mediation Activities Return;

“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);

“YCI” means Yswiriant Celtic Insurance; and

“YCI’s permission” means the permission granted by the Authority to YCI
pursuant to Part 4A of the Act.


REASONS FOR ACTION

6.
On the basis of the facts and matters and conclusions described in its Warning
Notice issued to YCI dated 31 December 2015 and in the Decision Notice, it
appears to the Authority that YCI is failing to satisfy the Threshold Conditions, in
that the Authority is not satisfied that YCI is a fit and proper person having regard
to all the circumstances, including whether YCI managed its business in such a
way as to ensure that its affairs are conducted in a sound and prudent manner.

7.
This is because YCI has failed to comply with the regulatory requirement to
submit its RMAR for the period ended 30 June 2015, which was due to be
submitted by 11 August 2015. YCI has not been open and co-operative in all its
dealings with the Authority, in that it has failed to respond adequately to the
Authority's repeated requests for it to submit the RMAR, and has thereby failed to
comply with Principle 11 of the Authority's Principles for Businesses and to satisfy
the Authority that it is ready, willing and organised to comply with the
requirements and standards under the regulatory system.

8.
These failures, which are significant in the context of YCI’s suitability, lead the
Authority to conclude that YCI 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 YCI has had a
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 YCI 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 YCI 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 Prea Deans
at the Authority (direct line: 020 7066 2272).

John Kirby
Enforcement and Market Oversight Division