The UK Financial Conduct Authority (FCA) today announced its decision to issue an order prohibiting Joseph Molloy from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.

At various times between 1 December 2001 and 8 December 2019, Mr Molloy was approved by the Authority to perform controlled functions at numerous authorised firms. Between 19 June 2020 and 18 June 2025, Mr Molloy was a certified person at an authorised firm where he was certified to hold the functions of managing other certified employees and client dealing.

Between October 2023 and September 2024, Mr Molloy committed an offence of fraud by false representation, contrary to the Fraud Act 2006, by dishonestly acquiring travel cards with false accounts set up using false names and email addresses, and using the false accounts to travel on SE Trains Limited (“Southeastern”) railway services and evade paying the full fare due.

Mr Molloy was convicted of the offence on 21 January 2026, following a guilty plea.

On 17 February 2026, Mr Molloy was sentenced at Inner London Crown Court to 10 months’ imprisonment, suspended for 18 months. He was also prohibited from travelling on Southeastern rail for 12 months; ordered to carry out 80 hours of unpaid work and undertake 10 rehabilitation activity days; and ordered to pay costs of £150, a victim surcharge of £187, and compensation to Southeastern of £5,000.

The Authority concluded that Mr Molloy is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.

Mr Molloy’s conviction demonstrates a clear and serious lack of honesty and integrity such that he is not fit and proper to perform regulated activities.

In concluding that it is appropriate to impose the prohibition order, the Authority has had regard to all relevant circumstances, including the relevance and materiality of the offence, and the severity of the risk posed by Mr Molloy to confidence in the UK financial system. The Authority considers that it is appropriate to take this action to advance its consumer protection and integrity objectives.