Promethean Finance Limited

Limits on what they may do

• Requirements from Second Supervisory Notice ('SSN')

  1.1 For the reasons given in this Second Supervisory Notice, the Financial Conduct Authority (“the Authority”) has decided not to rescind the requirements set out at paragraph 1.2 below on Promethean Finance Limited (“Promethean” or “the Firm”) and notified to it in the First Supervisory Notice (“the FSN”) dated 11 April 2023. On 18 May 2023, Representations were received by the Authority in relation to the FSN (“the Representations”). The Authority has considered the Representations and concluded that the Requirements set out at paragraph 1.2 below remain proportionate and appropriate. A summary of the firm’s written representations and the Authority’s response is set out at Annex B. 1.2 Pursuant to section 55L(3)(a) of the Financial Services and Markets Act 2000 (“the Act”), the Authority has decided to impose the following requirements with immediate effect: 1) By 4.30PM on 12 April 2023 the Firm must remove all “Non-Genuine Trading Names” registered on the Authority’s FS Register. 2) The Firm must not register and/or use any Trading Names without the prior written consent of the Authority. 3) Within 10 days of the Requirements coming into force, the Firm must provide, in a form to be agreed with the Authority, data confirming the number of customers that have been referred to the Firm by its trading names registered with the Authority (including all previous registrations of trading names no longer used) from March 2022 to the date of this Second Supervisory Notice. 4) Within 14 days of the Requirements coming into force, the Firm must conduct a review of all the Firm’s financial promotions, communications and those of its Appointed Representatives. 5) The Firm must make amendments to any financial promotions and/or communications identified at (4) above to ensure they comply with all relevant FCA Handbook Rules within 5 days of their review. 6) The Firm must provide a written report to the FCA detailing the number of financial promotions and communications withdrawn/amended in accordance with (4) and (5) within 7 days and provide the Authority with a list of breaches identified and amendments, or, if no such breaches are identified, provide written confirmation to the Authority that the Firm’s financial promotions (and those of its ARs) comply with the relevant requirements. 7) The Firm must conduct a review of its (i) systems and controls, and (ii) policies and procedures in relation to all financial promotion activities for which it is responsible, including the activities of all its Appointed Representatives, and provide a written report of the outcome of the review to the Authority within 3 weeks of the Requirements coming into force.

• Requirements from Second Supervisory Notice ('SSN')

  Notification 8) The Firm 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 Authority in writing by no later than on within 7 days of the Requirements coming into force, such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request. 9) By close of business on within 2 days of the Requirements coming into force, the Firm must publish in a prominent place on its website (https://www.prometheanfinance.co.uk/) in a form to be agreed in advance with the Authority, a notice setting out the terms and effects of these Requirements. 10) The Firm must as soon as possible, and by no later than close of business within 14 days of the Requirements coming into force, notify in writing all customers who have been referred to the Firm through its Non-Genuine Trading Names since March 2022 of the imposition of the terms and effects of the Requirements. This must be in a form to be agreed in advance with the Authority. 11) Once the notifications referred to in sub-paragraph (10) have been made, the Firm must provide to the Authority within 24 hours: i. copies of the template notifications sent to all recipients referred to in subparagraph (10); ii. a list of all parties to whom notifications have been sent pursuant to subparagraph (10); and iii. confirmation that, to the best of its knowledge, the Firm has sent notifications pursuant to sub-paragraph (10) to all relevant parties. 1.3 These Requirements shall take immediate effect and remain in force unless and until varied or cancelled by the Authority (either on the application of the Firm or of the Authority’s own volition). 1.4 Following the Firm’s non-compliance with Requirement (1) as above, on 18 April 2023, the Decision Maker authorised the Authority to end-date the “Non-Genuine Trading Names” on the Authority’s FS Register effective from 18 April 2023.