The UK Financial Conduct Authority (FCA) today issued a final notice whereby it cancels Cashup Ltd’s Part 4A permission to carry on regulated activities.
Cashup is failing to satisfy the location of offices Threshold Condition because its sole director and approved person, and therefore the individual responsible for making decisions relating to the Cashup’s central direction, and material management decisions of Cashup on a day-to-day basis, has failed to provide evidence they are based in the UK and Enforcement does not therefore consider that Cashup’s central management and control is located in the UK.
Furthermore, Cashup does not appear to be operating from the addresses it has provided to the Authority for its principal place of business or its head office.
The Authority therefore considers that Cashup’s head office is not in the UK, and it is therefore failing to satisfy the location of offices Threshold Condition. Despite the Authority requiring Cashup to provide the Authority evidence to address this matter, they have not.
By failing to respond adequately to the Authority’s repeated requests for information, Cashup is failing to comply with Principle 11 in that Cashup has failed to deal with the Authority in an open and co-operative way.
Cashup is therefore not a fit and proper person having regard to all the circumstances because it has failed to satisfy the Authority that its business is being, or will be managed in such a way as to ensure that its affairs will be conducted in a sound and prudent manner and in compliance with proper standards. The Authority therefore considers that Cashup is failing to satisfy the suitability Threshold Condition.
