The UK financial watchdog has banned Jon Frensham from performing any regulated activity after he was found guilty of grooming teenage girls.
In March 2017, Mr Frensham, the sole director and an independent financial adviser at Frensham Wealth Limited, was imprisoned after attempting to meet a child following sexual grooming. At the time he was on bail for a similar offence.
The FCA has today banned Frensham from practicing after it found he “lacks the integrity to work in financial services.”
This decision is the second taken by the FCA to ban financial advisers from practising in connection with sexual offences. Last year the watchdog banned three financial advisors convicted of sex offences which dated back to 2018.
According to an FCA statement Mr Frensham attempted to meet up with someone posing as a 15 year old girl online while 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 and tried to hide both his incarceration from the FCA as well as his expulsion from the Chartered Insurance Institute.
In a statement, the FCA said: “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.”