Post by Sapphire Capital on Aug 7, 2008 3:51:54 GMT 4
Financial Services Authority
___________________________________________________________________________
FINAL NOTICE
___________________________________________________________________________
To: Rainbow Financial Services (Durham) Limited
Of: 1 Holly Garth
Brandon Lane
Brandon
County Durham
DH7 8SH
FSA Reference 449693
Number:
Dated: 1 August 2008
TAKE NOTICE: The Financial Services Authority (the "FSA") of 25 The North Colonnade, Canary Wharf, London E14 5HS gives you, Rainbow Financial Services (Durham) Limited (“Rainbow”), final notice about a decision to cancel the permission granted to you to carry on regulated activities
1. ACTION
1.1 The FSA gave you a Decision Notice on 27 June 2008 (the "Decision Notice") which notified you that for the reasons given below and pursuant to section 45 of the Financial Services and Markets Act 2000 (the "Act"), the FSA had decided to cancel the permission granted to you pursuant to Part IV of the Act ("your Part IV permission").
1.2 You were informed of your statutory right to make a reference to the Financial Services and Markets Tribunal, but you have not referred the Decision Notice to the Tribunal within 28 days of the date on which the Decision Notice was given to you. Accordingly, the FSA has today cancelled your Part IV permission.
Rainbow Financial Services (Durham) Limited 1 August 2008
Final Notice Page 2
2. REASONS FOR ACTION
2.1 On the basis of the facts and matters and conclusions described in the Warning Notice issued to you on 11 April 2008, and in the Decision Notice, it appears to the FSA that you are failing to satisfy the threshold conditions set out in Schedule 6 to the Act (the "Threshold Conditions") in that the FSA is not satisfied that you are a fit and proper person, having regard to all the circumstances, including the need to have adequate resources in relation to the regulated activities which you seek to carry on.
2.2 Specifically, as a consequence of the FSA’s withdrawal of the approval of the sole approved person of Rainbow, David Wilson, Rainbow does not have any approved persons in relation to the regulated activities for which it has permission. A Final Notice dated 1 August 2008 was issued to David Wilson, confirming the withdrawal of his approval to perform controlled functions in relation to Rainbow.
3. DECISION MAKER
The decision which gave rise to the obligation to issue this Final Notice was taken by the Regulatory Decisions Committee.
4. IMPORTANT
4.1 This Final Notice is given to you in accordance with section 390(1) of the Act.
Publicity
4.2 Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information about the matter to which this Final Notice relates. Under those provisions, the FSA must publish such information about the matter to which this Final Notice relates as the FSA considers appropriate. The information may be published in such manner as the FSA considers appropriate. However, the FSA may not publish information if such publication would, in the opinion of the FSA, be unfair to you or prejudicial to the interests of consumers.
4.3 The FSA intends to publish such information about the matter to which this Final Notice relates as it considers appropriate.
FSA Contact
4.4 For more information concerning this matter generally, you should contact Sarah Dart at the FSA (direct line: 020 7066 4654/fax: 020 7066 4655).
John Kirby
FSA Enforcement Division
___________________________________________________________________________
FINAL NOTICE
___________________________________________________________________________
To: Rainbow Financial Services (Durham) Limited
Of: 1 Holly Garth
Brandon Lane
Brandon
County Durham
DH7 8SH
FSA Reference 449693
Number:
Dated: 1 August 2008
TAKE NOTICE: The Financial Services Authority (the "FSA") of 25 The North Colonnade, Canary Wharf, London E14 5HS gives you, Rainbow Financial Services (Durham) Limited (“Rainbow”), final notice about a decision to cancel the permission granted to you to carry on regulated activities
1. ACTION
1.1 The FSA gave you a Decision Notice on 27 June 2008 (the "Decision Notice") which notified you that for the reasons given below and pursuant to section 45 of the Financial Services and Markets Act 2000 (the "Act"), the FSA had decided to cancel the permission granted to you pursuant to Part IV of the Act ("your Part IV permission").
1.2 You were informed of your statutory right to make a reference to the Financial Services and Markets Tribunal, but you have not referred the Decision Notice to the Tribunal within 28 days of the date on which the Decision Notice was given to you. Accordingly, the FSA has today cancelled your Part IV permission.
Rainbow Financial Services (Durham) Limited 1 August 2008
Final Notice Page 2
2. REASONS FOR ACTION
2.1 On the basis of the facts and matters and conclusions described in the Warning Notice issued to you on 11 April 2008, and in the Decision Notice, it appears to the FSA that you are failing to satisfy the threshold conditions set out in Schedule 6 to the Act (the "Threshold Conditions") in that the FSA is not satisfied that you are a fit and proper person, having regard to all the circumstances, including the need to have adequate resources in relation to the regulated activities which you seek to carry on.
2.2 Specifically, as a consequence of the FSA’s withdrawal of the approval of the sole approved person of Rainbow, David Wilson, Rainbow does not have any approved persons in relation to the regulated activities for which it has permission. A Final Notice dated 1 August 2008 was issued to David Wilson, confirming the withdrawal of his approval to perform controlled functions in relation to Rainbow.
3. DECISION MAKER
The decision which gave rise to the obligation to issue this Final Notice was taken by the Regulatory Decisions Committee.
4. IMPORTANT
4.1 This Final Notice is given to you in accordance with section 390(1) of the Act.
Publicity
4.2 Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information about the matter to which this Final Notice relates. Under those provisions, the FSA must publish such information about the matter to which this Final Notice relates as the FSA considers appropriate. The information may be published in such manner as the FSA considers appropriate. However, the FSA may not publish information if such publication would, in the opinion of the FSA, be unfair to you or prejudicial to the interests of consumers.
4.3 The FSA intends to publish such information about the matter to which this Final Notice relates as it considers appropriate.
FSA Contact
4.4 For more information concerning this matter generally, you should contact Sarah Dart at the FSA (direct line: 020 7066 4654/fax: 020 7066 4655).
John Kirby
FSA Enforcement Division