FCA bans car dealership director

The Financial Conduct Authority (FCA) has banned Ari Harris, a director of Reeds Motors Ltd, from working in financial services following his failure to notify the regulator of a grievous bodily harm conviction, and found both he and the firm had deliberately provided false and misleading information to cover up the fact that he was in prison.  

In July 2020, Harris was convicted of inflicting grievous bodily harm without intent after stabbing a man twice in the neck. He was sentenced to three  years’ imprisonment in July 2022.  

Following an application in October 2022, the FCA asked Reeds Motors why it needed an additional approved person. Both Harris and the firm stated that this was required as Harris was currently overseas and looking into a business abroad.

Harris continued to mislead the FCA during a telephone call, failing to mention that he was actually in prison at the time.  

The FCA decided to remove Harris’s approval to perform the senior management function at the firm and impose a ban which prevents him working in financial services in the future. The FCA has also cancelled the firm’s permissions.