The UK Financial Conduct Authority (FCA) has issued a prohibition order against Jennifer Everett (also known as Jennifer Everett-Stead).

The order prohibits Ms Everett from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.

Between 23 June 2015 and 9 March 2023, Ms Everett was approved by the Authority to perform the CF8 (Apportionment and oversight) and then the SMF29 (Limited scope) functions at Pink Innovations Limited (“PIL”), an authorised firm.

Between 1 July 2017 and 12 April 2018, Ms Everett was involved in the creation and submission of false bank statements and invoices to HMRC in support of a Value Added Tax (VAT) fraud at PIL.

On 17 May 2023, in the Crown Court at Kingston-upon-Hull, Ms Everett pleaded guilty to, and was convicted on indictment of, two counts of intent to deceive by producing, using and sending a false return for the purposes of Value Added Tax contrary to sections 72(3)(a) and (4) of the Value Added Tax Act 1994.

On 5 June 2023, Ms Everett was sentenced to 18 months of imprisonment on each count, ordered to be served concurrently.

On 6 December 2020, as a result of her involvement in PIL’s fraudulent VAT claims, Ms Everett gave a written undertaking to be disqualified from being a director of a company, or in any way, whether directly or indirectly, from being concerned or taking part in the management of a company for a period of 11 years.

On the basis of these facts and matters, the Authority concluded that Ms Everett 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. Ms Everett’s conviction demonstrates a clear and serious lack of honesty and integrity such that she is not fit and proper to perform regulated activities.

In concluding that it is appropriate to impose the prohibition order, the FCA has had regard to all relevant circumstances, including the materiality of the offences and the severity of the risk posed by Ms Everett to consumers and 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.