The FCA has banned director Jon Frensham (formerly known as Jonathan James Hunt) from performing any regulated activity.
The FCA found Mr Frensham, an independent financial adviser and the sole director at Frensham Wealth Limited, lacks the integrity to work 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.
The FCA previously published a Decision Notice[1] against Mr Frensham in March 2021, which Mr Frensham referred to the Upper Tribunal. The Upper Tribunal unanimously dismissed[2] Mr Frensham’s reference on 31 August 2021.
Notes to editors
- Final Notice: Jon Frensham[3]
- Mr Frensham is prohibited from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.
- The decision to give the Decision Notice was made by the FCA’s Regulatory Decisions Committee[4].
- Megan Butler, former Executive Director of Supervision (Investment and Wholesale) wrote a letter[5] to then Chair of the House of Commons Women and Equalities Committee in September 2018 outlining that the FCA views sexual harassment as misconduct which can drive poor culture.
- Christopher Woolard, then Executive Director of Strategy and Competition, gave a speech[6] in December 2018 outlining a clear message to firms: 'non-financial misconduct is misconduct, plain and simple'.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[7].