We return, hopefully for the last time, to the case of financial adviser Jon Frensham who attempted to overturn a Financial Conduct Authority ban following his conviction for attempting to meet a child under the age of 16.
Formerly known as Jonathan James Hunt, Frensham was the subject of an FCA decision notice in March 2021, which he subsequently referred to the upper tribunal.
Out on bail
In the decision notice, which was provisional pending the outcome of the appeal, the watchdog declared that his conviction meant that Frensham lacked the integrity to work in financial services.
Frensham’s grounds for the appeal were that his actions, which involved attempting to meet a girl he believed to be aged 15 following sexual grooming, were distinct from his record as a financial adviser.
The girl in this case was, in fact, a woman who was seeking to entrap online predators. However, the meeting occurred while Frensham was on conditional bail for attempting to meet a 16-year-old girl whose father contacted the police.
He was not ultimately charged in that case, but received a 22-month sentence – suspended for 18 months – for the second case.
‘Lacks integrity and a good reputation’
It was the first time the upper tribunal had to decide on a case where the catalyst for the prohibition order was not related to an individual’s regulated activity.
It was critical of the manner in which the FCA defended its case but, in a lengthy summation, concluded that Frensham had somehow convinced himself that his intention had not been to engage in sexual activity with a 15-year-old.
The appeal was unanimously dismissed on 31 August.
On 17 September, the FCA stated: “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 a good reputation.”
