FCA Removes All Regulated Activities from Frensham Wealth Limited

The United Kingdom's Financial Conduct Authority (FCA) issued a supervisory notice, saying that it has decided to vary the permission granted to Frensham Wealth Limited, by moving all regulated activities from the firm with immediate effect.

In March 2017, Jon Frensham, an independent financial adviser and the sole director at Frensham Wealth Limited, was convicted of attempting to meet a child following sexual grooming. Earlier this year, he was banned from working in financial services by the FCA.

Therefore, the authority considers that the firm does not have any person performing senior management function (SMFs) and managing its affairs. As a result, the authority considers the firm poses a risk to consumers and to confidence in the integrity of the UK financial system.

The firm's  permission no longer includes the regulated activities of:

• ​advising on investments (except on Pension Transfers and Pension Opt Outs);

• ​arranging (bringing about) deals in investments;

• ​making arrangements with a view to transactions in investments;

• ​advising on a home reversion plan;

• ​advising on regulated mortgage contracts;

• ​arranging (bringing about) a home reversion plan:

• ​arranging (bringing about) regulated mortgage contracts;

• ​making arrangements with a view to a home reversion plan;

• ​credit broking;

• ​advising on Pension Transfers and Pension Opt Outs;

• ​advising on P2P agreements; 

• ​agreeing to carry on a regulated activity.

In addition, the firm is required to notify in writing all customers of the variation of the firm's permission and to state on its website by December 2021.