The ban prevents George from performing any regulated activity in the financial services industry on the grounds that he is “not a fit and proper person” whose conduct demonstrated a “lack of honesty and integrity”.
George is the director, owner and sole approved person of 4Life Financial Planning Limited , a financial advisor and mortgage intermediary based in London.
The FCA found that between 14 January 2015 and 15 May 2019, he deliberately submitted false information to HMRC by understating the income in his self assessment tax returns over a five-year period.
George further demonstrated a “lack of honesty and integrity” when he concealed this from the FCA, providing them with information which he knew to be “false” during a compelled interview.
During the periods, George failed to inform the accountancy firms which prepared and submitted his tax returns, that he had additional income other than that received from his company.
He also received takings from two “cash-in-hand businesses”, a hair salon and a DJ business, as well as rental income which he received from letting out a room in his house.
He appointed a separate accountancy firm to prepare an alternative version of his tax returns which included all of his sources of income for the tax years 2013/2014 to 2015/2016.
George subsequently submitted the “lower income tax returns” to HMRC and used the higher income tax returns as the basis of a personal mortgage application.
His total income as stated in his mortgage application was some £367,757 greater than the income he had declared to HMRC over the same three-year period.