Post by Sapphire Capital on Aug 7, 2008 3:55:32 GMT 4
Financial Services Authority
___________________________________________________________________________
FINAL NOTICE
___________________________________________________________________________
To: Woodsidecars.com Limited
Of: 920 High Road
North Finchley
London
N12 9RW
FSA Reference 315561
Number:
Dated: 4 August 2008
TAKE NOTICE: The Financial Services Authority (the "FSA") of 25 The North Colonnade, Canary Wharf, London E14 5HS gives you, Woodsidecars.com Limited, 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 1 July 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.
Woodsidecars.com Limited 4 August 2008
Final Notice Page 2 of 3
2. REASONS FOR ACTION
2.1 By a First Supervisory Notice dated 13 May 2008, your Part IV permission was varied by removing all regulated activities with immediate effect. A copy of the First Supervisory Notice, by which the FSA removed all regulated activities from your Part IV permission, is displayed on the FSA's web site.
2.2 On the basis of the facts and matters and conclusions described in the Warning Notice dated 13 May 2008 (the "Warning Notice"), and in the Decision Notice, it appears to the FSA that it is no longer necessary to keep your Part IV permission in force and that the FSA must cancel it, following the variation action removing all regulated activities.
2.3 In addition to its obligation to cancel your permission, the FSA also considers that cancellation of your permission is necessary because you failed to make payment of FSA periodic fees and levies of £1,847.77 and you have failed to submit the Retail Activities Mediation Return (RMAR) for the period ended 1 October 2007. You have therefore, failed to satisfy the FSA that you are conducting your business soundly and prudently (as required by Threshold Condition 5 – Suitability). You have also failed to comply with Principle 11 (Relations with Regulators) of the Principles for Businesses in that you have not been open and co-operative in your dealings with the FSA, by failing to respond adequately to FSA communications requesting you to make payment of your FSA periodic fees and levies and submit the RMAR.
2.4 These failures, which are significant in the context of your suitability, lead the FSA to conclude that you are not conducting your business soundly and prudently and in compliance with proper standards and that you are not a fit and proper person, and that you are therefore failing to satisfy the Threshold Conditions in relation to the regulated activities which were in your Part IV permission.
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.
Woodsidecars.com Limited 4 August 2008
Final Notice Page 3 of 3
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: Woodsidecars.com Limited
Of: 920 High Road
North Finchley
London
N12 9RW
FSA Reference 315561
Number:
Dated: 4 August 2008
TAKE NOTICE: The Financial Services Authority (the "FSA") of 25 The North Colonnade, Canary Wharf, London E14 5HS gives you, Woodsidecars.com Limited, 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 1 July 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.
Woodsidecars.com Limited 4 August 2008
Final Notice Page 2 of 3
2. REASONS FOR ACTION
2.1 By a First Supervisory Notice dated 13 May 2008, your Part IV permission was varied by removing all regulated activities with immediate effect. A copy of the First Supervisory Notice, by which the FSA removed all regulated activities from your Part IV permission, is displayed on the FSA's web site.
2.2 On the basis of the facts and matters and conclusions described in the Warning Notice dated 13 May 2008 (the "Warning Notice"), and in the Decision Notice, it appears to the FSA that it is no longer necessary to keep your Part IV permission in force and that the FSA must cancel it, following the variation action removing all regulated activities.
2.3 In addition to its obligation to cancel your permission, the FSA also considers that cancellation of your permission is necessary because you failed to make payment of FSA periodic fees and levies of £1,847.77 and you have failed to submit the Retail Activities Mediation Return (RMAR) for the period ended 1 October 2007. You have therefore, failed to satisfy the FSA that you are conducting your business soundly and prudently (as required by Threshold Condition 5 – Suitability). You have also failed to comply with Principle 11 (Relations with Regulators) of the Principles for Businesses in that you have not been open and co-operative in your dealings with the FSA, by failing to respond adequately to FSA communications requesting you to make payment of your FSA periodic fees and levies and submit the RMAR.
2.4 These failures, which are significant in the context of your suitability, lead the FSA to conclude that you are not conducting your business soundly and prudently and in compliance with proper standards and that you are not a fit and proper person, and that you are therefore failing to satisfy the Threshold Conditions in relation to the regulated activities which were in your Part IV permission.
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.
Woodsidecars.com Limited 4 August 2008
Final Notice Page 3 of 3
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