FCA Bans Jon Frensham from Working in Financial Services

The UK Financial Conduct Authority (FCA) recently announced that it has banned Jon Frensham, an independent financial adviser and the sole director at Frensham Wealth Limited, from working in financial services.

In March 2017, Mr Frensham was convicted of attempting to meet a child following sexual grooming. He committed this offence whilst he was an approved person, and whilst on bail for a similar offence. Mr Frensham was sentenced to 22 months' imprisonment, suspended for 18 months.

The FCA also found Mr Frensham failed in his obligation to be open and transparent with the FCA in failing to inform the FCA about his arrest, being remanded in custody in respect of the offence which led to his conviction, and his failure to inform the FCA of the decision by the Chartered Insurance Institute (CII) not to renew his Statement of Professional Standing and to expel him from membership.

Given all of these circumstances, including his conviction for a serious offence, albeit one not connected to financial dishonesty, the FCA considers that Mr Frensham is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised or exempt persons or exempt professional persons because he lacks integrity and good reputation.

Fazzaco recently reported that the FCA has set out plan to tackle investment scams, aiming to give consumers the confidence to invest and lead to fewer people being scammed or persuaded to invest in products too risky for their needs.