Any and all information on MTALIVE/MTATAKEOVER/MTA WEALTH MANAGEMENT

The request was refused by The Financial Conduct Authority.

Dear The Financial Conduct Authority,

I am looking for information into this company, in particular, how many complaints have been made against this organisation.

I believe they traded under one of these three names MTALIVE/MTATAKEOVER/MTA WEALTH MANAGEMENT and possibly others, with Matthew Lloyd Travis being named as director.

Yours faithfully,

Sean Carey

The Financial Conduct Authority

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This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

Dear Mr Carey,

 

Your request is currently being considered and, in doing so, we are
considering whether the exemption under Section 43 (Commercial Interests)
of the Freedom of Information Act 2000 may apply. As this is the case, the
FCA is required to weigh the public interest in maintaining the exemption
against the public interest in disclosing any information.

 

By virtue of section 10(3), where public authorities have to consider the
balance of the public interest in relation to a request, they do not have
to comply with the request until such time as is reasonable in the
circumstances. The FCA has not yet reached a decision on the balance of
the public interest. Due to the need to consider, in all the circumstances
of the case, where the balance of the public interest lies in relation to
the information that you have requested, the FCA will not be able to
respond to your request in full within 20 working days. In these
circumstances, we hope to be in a position to respond to you by 29^th
November 2018, although should we be in a position to contact you sooner
we will do so.

 

Yours sincerely

 

 

Information Disclosure Team

Financial Conduct Authority

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

Our ref: FOI6050

 

Dear Mr Carey

 

Freedom of Information: Right to know request

 

We refer to your request under the Freedom of Information Act 2000 (“the
Act”), made on 18^th October 2018, for the following:

 

“I am looking for information into this company, in particular, how many
complaints have been made against this organisation.

 

I believe they traded under one of these three names
MTALIVE/MTATAKEOVER/MTA WEALTH MANAGEMENT and possibly others, with
Matthew Lloyd Travis being named as director.”

 

On Thursday 15^th November 2018, we advised that we were considering s.43
of the Act (which concerns commercial interests) and that more time was
needed for us to balance the various public interest arguments, as
required for the exercise of this exemption. Having completed this
exercise, our response is below.

 

Your request has now been considered.

 

We can neither confirm nor deny whether we hold information in relation to
your request. This is because disclosing the information, if we held it,
could reveal personal information about the individual named in your
request. Section 40(5)(b) of the Act therefore applies and the duty to
confirm or deny whether we hold the requested information does not arise.

 

Further, we are unable to confirm or deny whether we hold the information
you have requested because to do so in the event that we did hold it,
would, or would be likely to, prejudice the commercial interests of the
firm and person in question. Therefore, section 43(3) (Commercial
interests) of the Act applies and the duty to confirm or deny whether we
hold the requested information does not arise.

 

Finally, to confirm or deny whether we hold the information requested
could, in and of itself, amount to a disclosure of confidential
information as defined in section 348 of the Financial Services and
Markets Act 2000 (“FSMA”). Therefore, under section 44(2) (Prohibitions on
disclosure) of the Act, the duty to confirm or deny whether we hold the
requested information does not arise.

 

For more information on how these exemptions apply, please see Annex A
below.

 

Your right to complain under the FOI Act

If you are unhappy with the decision made in relation to your request, you
have the right to request an internal review.  If you wish to exercise
this right you should contact us within three months of the date of this
response.

 

If you are not content with the outcome of the internal review, you also
have a right of appeal to the Information Commissioner at Information
Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9
5AF.  Telephone: 01625 545 700.  Website: [1]www.ico.org.uk

 

Yours sincerely

 

 

Information Disclosure Team

Financial Conduct Authority

 

 

Annex A

 

·            Section 40 (Personal information)

 

Section 40(5)(b) of the Act provides that the duty to confirm or deny does
not arise in relation to information which is (or if it were held by the
public authority would be) exempt information by virtue of section 40(1)
if the confirmation or denial that would have to be given to meet the
FCA’s duty under the Act would itself contravene any of the principles in
the DPA.

 

We have applied this exemption because the confirmation or denial that
would have to be given to satisfy your request would itself entail the
disclosure of the personal data of individuals other than yourself, which
would breach the requirement of the General Data Protection Regulations
(“GDPR”) including the data protection principles of Article 5 and the
Data Protection Act 2018 (“DPA”).

 

In particular, it would be a breach of the first data protection Principle
as set out in Article 5 of the GDPR to confirm whether or not we hold the
information you have requested, as it would not be necessary or fair to
the individual concerned, or lawful, where none of the conditions in
Article 6(1) of the GDPR have been met.

This is an “absolute” exemption and so it is not necessary to balance
whether the public interest in maintaining the exclusion of the duty to
confirm or deny outweighs the public interest in disclosing whether we
hold information that would fall within the scope of the request.

·                Section 43 (Commercial interests)

 

Section 43(3) of the Act provides that the duty to confirm or deny does
not arise if the confirmation or denial that would have to be given to
comply with section 1(1)(a) would, or would be likely to, prejudice the
commercial interests of any person (including the public authority holding
it) mentioned in section 43(2).

 

The commercial interests of the firm in question could be harmed by
confirming whether or not we hold the information requested.  Were it to
be the case (which we cannot confirm) that we hold any of the information
requested, a confirmation that this was the case could lead to unfair or
unjustified adverse comment and speculation in connection with this firm. 
This could affect the brand and reputation of the firm in the absence of
due process having been followed - i.e. in the absence of any formal
finding of misconduct and without the firm having had the opportunity to
comment.  Any loss of confidence can have serious, adverse consequences
for the firm and its stakeholders, including employees, investors and
creditors. Likewise, denying that we hold any information in relation to
your request could imply a clean bill of health for the firm in question.

 

There is a strong public interest in legitimate commercial interests of
firms and individuals who operate within the market not being undermined
unless and until such time as there has been any formal finding of
misconduct following the conduct of a full investigation (which, may or
may not be the case in this instance) and details of any such
investigation are permitted to be made public under FSMA.

 

Section 43 is a qualified exemption, and we have therefore considered, as
required by the Act, where the balance of public interest lies.

 

In favour of disclosure

 

o The FCA acknowledges that there is a general public interest in
promoting openness and transparency about the number of complaints
that firms receive and the overall trustworthiness of firms to
consumers.

 

o Disclosure would also provide information (if it were to exist) to
consumers to assist them in making decisions about their dealings or
potential dealings with the markets, firms and individuals that are,
or may be, operating in the financial services industry.

 

o In turn, this could lead to improvement in customer service and
provision of services by firms and result in better protection for
consumers in future.

 

Against disclosure

 

·                Confirmation or denial of matters of concern, has the
potential to mislead and prejudice the financial markets and consumers,
because either misconduct or a clean bill of health may be inferred
incorrectly from the mere fact that we may or may not hold the information
requested.

 

·                This could also lead to widespread speculation which
could hinder and prejudice the progress of any current and/or future FCA
enquiries, considerations and/or action.  It could also affect the brand
and reputation of the market in the absence of due process having been
followed - i.e. in the absence of any formal public announcement and
without the market having had the opportunity to comment.

 

Having balanced the public interest for and against disclosure as required
by the Act, in this case, in our view we are satisfied that overall the
balance of the public interest in this case comes down in favour of
maintaining the exemption under section 43(2) of the Act; and in neither
confirming nor denying whether we hold the information you have requested.

 

·                Section 44 (Prohibitions on disclosure)

 

Section 44(2) of the Act provides that the duty to confirm or deny does
not arise if the confirmation or denial that would have to be given to
comply with section 1(1)(a) of the Act would (apart from the Act) fall
within any of paragraphs (a) to (c) of subsection (1) of section 44.  This
includes circumstances in which the giving of a confirmation or denial
would in and of itself amount to a disclosure which would be prohibited
under FSMA, which includes the disclosure of “confidential information” as
defined in section 348 of FSMA.

 

Section 348 of the Financial Services and Markets Act 2000 (FSMA)
prohibits the FCA from disclosing “confidential information” it may have
received except in certain limited circumstances (none of which apply in
this case).  Confidential information for these purposes is defined as
non-public and non-anonymised information which relates to the business or
other affairs of any person and which may have been received by the FCA
for the purposes of, or in the discharge of, any of its functions under
FSMA.

Disclosure of any such confidential information in breach of s.348 of FSMA
would be a criminal offence.

Were we to hold the information requested, which we do not confirm or
deny, it would amount to confidential information under s348.

Section 44 of the Act is an “absolute” exemption, and so it is not
necessary to balance the public interest for and against confirming or
denying whether we hold the information.

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

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1. http://www.ico.org.uk/