An independent financial advisor has been banned by the FCA from performing any regulated activity following his conviction for attempting to meet a child following sexual grooming. He committed the offence whilst he was an approved person. He also failed in his obligation to be open and transparent with the FCA in failing to inform the FCA about his arrest and being remanded in custody in respect of the offence which led to his conviction. The FCA found that although the conviction was not connected to financial dishonesty, he 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. 

The decision notice issued by the FCA's Regulatory Decision Committee (RDC) was appealed to the  Upper Tribunal and was unanimously dismissed.

The case reinforces the FCA's  commitment to tackling non-financial misconduct in the financial services industry and the impact that conduct outside of the workplace (convictions for serious criminal offences) has on individuals’ fitness and propriety and, specifically, their integrity and reputation.