On 5 August 2024, the Upper Tribunal published its decision[1] regarding a reference made by Promethean Finance Limited in respect of a Supervisory Notice issued by the Financial Conduct Authority to Promethean in June 2023.
The Tribunal found that the FCA’s decision to impose requirements on Promethean was reasonable and that the requirements were proportionate to concerns identified.
The period for the Firm to appeal the decision has passed, and the FCA has published its Second Supervisory Notice setting out the action it took against Promethean and the basis for that action. The Second Supervisory Notice[2] contains the requirements imposed on Promethean by the FCA in 2023 which remain in effect.
