| Link(s): | FCA bans director following grievous bodily harm conviction | FCA Final Notice 2024: Ari Harris Final Notice 2024: Reeds Motors Ltd |
Context
The FCA has banned a former Director and SMF holder from working in financial services, and has de-authorised the firm he was (at the time) sole Director of. Mr Ari Harris was a Director of Reeds Motors Ltd, and failed to inform the FCA that he had been convicted of and imprisoned for inflicting grievous bodily harm without intent.
Key points to note and next actions
- Mr Harris and Reeds Motors Ltd deliberately failed to notify the FCA of his offending, conviction and custodial sentence, despite obligations to do so.
- They deliberately provided false and misleading information to cover up the fact that he was in prison.
- Following an application in October 2022 to add an additional approved Senior Manager, the FCA asked the firm why it needed an additional approved person (the firm was a Limited Permission consumer credit firm and a limited scope SM&CR firm).
- Both Mr Harris and the firm stated that this was required as Mr Harris was currently overseas and looking into a business abroad.
- Mr Harris continued to mislead the FCA during a telephone call, failing to mention that he was actually in prison at the time.
- The proposed replacement Director / Senior Manager eventually confirmed to the FCA what the true circumstances were, and showed remorse.