The Upper Tribunal Tax and Chancery Chamber (the Tribunal) has published its decision in Dr Saim Koksal T/A ARCIS Management Consultancy vs Financial Conduct Authority  UKUT 0192 (TCC), upholding the FCA’s decision to reject the application for variation of the claimant’s Part 4A permissions.
The decision centred on an application made by Dr Koksal to vary his existing Part 4A permission to include the regulated activities of credit broking, debt adjusting, debt-counselling and debt administration. Dr Koksal was currently carrying on these activities under an interim permission.
The FCA refused to vary Dr Koksal’s permission as the application failed to satisfy the threshold conditions. The failures included a failure to explain how the permissions sought would be used in the day-to-day running of the business, a failure to evidence the relevant experience and roles of his staff and a failure to provide information in relation to remedial action following a supervisory visit in 2012.
Dr Koksal applied for a direction that the effect of the FCA’s Decision Notice be suspended pending the determination of the reference to the Tribunal, and he be able to continue the activities in the interim. The judge in the Upper Tribunal declared that due to the serious concerns identified in the original refusal and the lack of evidence as to the nature and scale of the activities that would be carried out in the interim, Dr Koksal could not be allowed to continue to carry on the activities pending the determination of the reference to the Tribunal.