The Financial Conduct Authority (FCA) has banned financial adviser Anthony George after providing false self-assessment tax information to HMRC over a five-year period.
The ban prevents George from carrying on any regulated activity in the financial services industry on the grounds that he is “not a fit and appropriate person” whose conduct has demonstrated a “lack of honesty and integrity.”
George is the Director, Owner and the Sole Approved Person of 4Life Financial Planning Limited, a London-based financial advisor and mortgage intermediary.
The FCA found that between January 14, 2015 and May 15, 2019, he deliberately submitted false information to HMRC by underestimating income in his tax returns over a five-year period.
George further displayed a âlack of honesty and integrityâ when he concealed this from CAF, providing them with information he knew to be âfalseâ during a forced interview.
During the periods, George failed to inform the accounting firms that prepared and submitted his tax returns that he had additional income other than that received from his company.
He also received income from two “cash funds”, a hairdressing salon and a DJ business, as well as rental income which he received by renting a room in his house.
He mandated a separate accounting firm to prepare an alternative version of his tax returns which included all of his sources of income for the 2013/2014 to 2015/2016 tax years.
George then submitted the âlower income tax returnsâ to HMRC and used the higher income tax returns as the basis for a personal mortgage application.
His total income, as shown in his mortgage application, was about Â£ 367,757 more than the income he had reported to HMRC over the same three-year period.