UK FCA Bans Matthew Creed from Performing Regulated Activities
- Creed was sentenced in 2018 to 18 months of imprisonment, which was suspended for two years.
The UK Financial Conduct Authority (FCA) has announced on Wednesday that it banned Matthew Creed from performing any regulated activity under its jurisdiction. The decision comes in response to an investigation that found out that the convicted and former director at AAA Management Limited did not inform the watchdog about his Bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term and disqualification as a company director.
According to the press release, Creed was convicted on June 21, 2018, for four counts related to fraud by executing transactions of creditors contrary to the UK Insolvency Act 1986. As a result, he was sentenced to spend 12 months in jail, which was suspended for two years, plus 80 hours of community work.
“Mr 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. Between February and August 2012, Mr Creed dishonestly executed eight transfers which removed £166,000 from PEL’s accounts,” the FCA noted in the announcement.
Lacks ‘Honesty and Integrity’
Furthermore, the UK financial regulator alleges that Creed became aware of his legal troubles in June 2016 for executing fraudulent transactions: “As an approved person Mr Creed was required to report the fact of his disqualification and the fact he was under criminal investigation to the FCA and failed to do so. Although Mr Creed challenged the decision to prohibit, his appeal was ultimately withdrawn.”
In a final notice issued on July 9, the FCA accuses Creed of lacking “honesty and integrity,” making him an unsuitable and proper person to perform any regulated activity carried by an authorized person under its jurisdiction. “His conviction for offenses involving fraudulent transactions demonstrates a clear and serious lack of honesty and integrity, and his continued failure to act honestly and with integrity in relation to his regulatory Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term towards the Authority further establishes his lack of fitness and propriety in the years following the commission of the offenses,” the watchdog added.
The UK Financial Conduct Authority (FCA) has announced on Wednesday that it banned Matthew Creed from performing any regulated activity under its jurisdiction. The decision comes in response to an investigation that found out that the convicted and former director at AAA Management Limited did not inform the watchdog about his Bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term and disqualification as a company director.
According to the press release, Creed was convicted on June 21, 2018, for four counts related to fraud by executing transactions of creditors contrary to the UK Insolvency Act 1986. As a result, he was sentenced to spend 12 months in jail, which was suspended for two years, plus 80 hours of community work.
“Mr 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. Between February and August 2012, Mr Creed dishonestly executed eight transfers which removed £166,000 from PEL’s accounts,” the FCA noted in the announcement.
Lacks ‘Honesty and Integrity’
Furthermore, the UK financial regulator alleges that Creed became aware of his legal troubles in June 2016 for executing fraudulent transactions: “As an approved person Mr Creed was required to report the fact of his disqualification and the fact he was under criminal investigation to the FCA and failed to do so. Although Mr Creed challenged the decision to prohibit, his appeal was ultimately withdrawn.”
In a final notice issued on July 9, the FCA accuses Creed of lacking “honesty and integrity,” making him an unsuitable and proper person to perform any regulated activity carried by an authorized person under its jurisdiction. “His conviction for offenses involving fraudulent transactions demonstrates a clear and serious lack of honesty and integrity, and his continued failure to act honestly and with integrity in relation to his regulatory Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term towards the Authority further establishes his lack of fitness and propriety in the years following the commission of the offenses,” the watchdog added.