The FCA has prohibited convicted criminal Martin Alan Wright (IRN: MAW01228) from carrying out regulated activities.

Mr Wright was found guilty of false accounting in 2024 after he illegally withdrew tens of thousands from his SIPP.

On 15 January 2024 at Gloucester Crown Court, Mr Wright pleaded guilty to false accounting, contrary to section 17 of the Theft Act 1968.

He was sentenced to 21 months’ imprisonment, suspended for 24 months, and ordered to pay a victim surcharge of £100 and £1,200 towards the costs of the prosecution.

The withdrawals occurred over a four-year period, during which Mr Wright was approved to perform a senior management position at a regulated firm. His approval was withdrawn by the firm on 17 May 2022 after the FCA had made it aware of the criminal proceedings against him.

Mr Wright was approved by the FCA to perform the CF4 Partner (Appointed Representative) controlled function from 14 January 2005 to 18 January 2016. He was subsequently approved to perform the CF4 Partner controlled function at a regulated firm from 16 August 2016 to 8 December 2019. That became the SMF27 Partner function on 9 December 2019.

Mr Wright held the SMF27 position until it was withdrawn by his firm on 17 May 2022.

Over a four-year period Mr Wright withdrew approximately £120,000 from his SIPP which he was aware he was not entitled to do. This caused a loss of around £48,000 to HMRC, with further sums outstanding, the FCA said. 

The Judge described him as the author of his own misfortune and treated the sustained nature of the conduct and the nine false invoices that he submitted as aggravating features. However, the Judge allowed Mr Wright a 10% reduction in his sentence for a guilty plea and his previous good behaviour.

The FCA said: “Mr Wright is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm. Mr Wright’s conviction demonstrates a clear and serious lack of honesty and integrity such that he is not fit and proper to perform regulated activities.”

The FCA said it had decided to make an order prohibiting Mr Wright from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm, pursuant to s56 of the Financial Services and Markets Act 2000.