FCA Supervisory Notice

On 20 December 2023 the FCA issued a First Supervisory Notice and a series of requirements to RCWatches Ltd such that it (quoting directly from the notice): has decided to.

– vary with immediate effect the Part 4A permissions granted to RC Watches Ltd by removing all regulated activities from those to which the permission relates with the effect of this Variation being that RCWatches Ltd no longer has permission to conduct regulated activity.

In addition the FCA has imposed the following requirements:

-RCWatches Ltd must not, without the prior written consent of the FCA, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets, and any funds it holds for, or to the order of, its customers or investors (whether in the United Kingdom or elsewhere), whether held by the Firm as at the date of the imposition of the Requirements or acquired thereafter.

– By close of business on 3 January 2024, RCWatches Ltd must publish in a prominent place on every website in its name (or that it operates) in a form to be agreed in advance with the FCA, a notice setting out the terms and effects of the Requirements and Variation.

– RCWatches Ltd must, by 5pm on 4 January 2024 notify all consumers and creditors in writing of the imposition of the terms and effects of these requirements ; and

-RCWatches Ltd must secure all books and records and preserve all information and systems in relation to all activities carried on by it, including but not limited to regulated activities, and must retain these in a form and at a location within the UK, to be notified to the FCA

The requirements include provision for RCWatches Ltd to continue dealing with or disposing of any of its own assets in the ordinary and proper course of business provided that the sum or value of such dealings or disposals, whether as a single transaction or a combination of related transactions, does not exceed £1,000 (or £3,000 in the case of legal expenses).

Please be assured that we are in discussions with the FCA about the appropriateness of the First Supervisory Notice and will update all our customers when there are further developments.’

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