On February 25, 2016, the FCA issued a Final Notice cancelling F J Autos Limited’s permission to carry out consumer credit activities. The FCA was of the opinion that FJAL did not conduct its affairs in a sound and prudent manner. The FCA deemed that FJAL’s conduct was in breach of Principle 11 of the FCA Handbook in that it failed to disclose information relating to the firm which the FCA had requested in an open and cooperative way. The FCA issued a warning notice that FJAL had failed to cooperate by not responding to repeated requests from the FCA to discuss concerns relating to its conduct as a credit broker.
FJAL did not refer the matter to the Upper Tribunal (Tax and Chancery) within the prescribed 28 day statutory period and consequently the FCA’s decision to cancel FJAL’s permission to carry out the regulated activity of a consumer credit business, has come into effect.
The FCA’s final notice is available at: http://www.fca.org.uk/static/documents/fj-autos-limited.pdf