The FCA has banned former IFA Matthew Creed, a director of financial advisory firm AAA Management Ltd, from performing any regulated activity following an investigation into his bankruptcy.

The regulator said that Mr Creed had failed to inform the watchdog about his bankruptcy in 2014 and disqualification as a company director.

Mr Creed was an FCA-approved person and a CF1 Director from 2005 until 2018 despite being made bankrupt in April 2014.

The FCA said Mr Creed was convicted in June 2018 of 4 counts of executing transactions which defrauded creditors and was sentenced in July 2018 to a total term of 12 months’ imprisonment, suspended for 2 years, and to 80 hours of unpaid work.

The FCA said financial adviser Mr Creed, who got into financial difficulties with a related property company PEL, was not accused of any fraud in relation to his advisory business.

However the FCA found that Mr Creed lacked “honesty and integrity” in his dealings with the regulator.

He was approved to carry out FCA regulated functions at AAA Management Limited, listed at Companies House as based at 62 High Street, Fishguard, Dyfed, Wales, between January 2005 and December 2019. He was also the director of a property company not regulated by the FCA, PEL, between January 2002 and April 2013. 

Between February and August 2012, Mr Creed dishonestly executed eight money transfers which removed £166,000 from PEL’s accounts.

Mr Creed, who moved into internet marketing in 2018 according to local news reports, provided an undertaking which disqualified him from holding office as a company director in March 2016.

However in June 2016 he became aware he was the subject of a criminal investigation 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 but failed to do so.

Mr Creed challenged the decision to ban him but later withdrew his appeal.

According to the FCA register, Mr Creed was connected to numerous companies during his career including Axa Fund Managers, Elevate, Thinc Group and Network 300 Ltd.