FCA bans adviser after fraud conviction

Creed was convicted of four counts of executing transactions in fraud of creditors, contrary to the Insolvency Act 1986, in June 2018.

He was sentenced to 12 months’ imprisonment, suspended for a period of two years, and to 80 hours of unpaid work.

Creed was approved to carry out FCA regulated functions at AAA Management Limited between January 2005 and December 2019. He was also the director of a company not regulated by the FCA, PEL, between January 2002 and April 2013.

The FCA found that between February and August 2012, Creed dishonestly executed eight transfers which removed £166,000 from PEL’s accounts.

In June 2016, he became aware he was the subject of a criminal investigation for executing fraudulent transactions. As an approved person Creed was required to report the fact of his disqualification and the fact he was under criminal investigation to the FCA, but failed to do so.

Although Creed challenged the decision to prohibit, his appeal was ultimately withdrawn.