Former accountant Terence Potter, previously jailed for eight years for his part in a scheme tax fraud, has been banned from all regulated activity.
Potter, a former tax partner at EY, is currently serving his sentence in HM Prison Highpoint South in Suffolk after being convicted of four counts of fraud linked to a tax scam in 2015.
The £2.2m scam saw Potter and two film producers use a loophole to take advantage of a government scheme for UK movies, leaving taxpayers to pay out for the production costs of two films.
A FCA final notice says Potter did not respond to a decision notice prohibiting him from performing any function in relation to any regulated activity within the 28-day deadline.
Subsequently, the final notice from the regulator sees Potter banned from all regulated activity from 25 May.
The FCA says: “Mr Potter is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm, as his conduct demonstrated a serious lack of honesty and integrity.”
It adds: “Potter was dishonest, and created schemes to be sold to high net worth clients so that he could benefit financially [in] a carefully orchestrated, contrived and fictitious merry-go-round of money and false accounting.”
Potter and film producer accomplices Christopher Atkins and Christina Slater were ordered to pay back more than £2m of their criminal profits or face a further 10 years in jail last year.