The Financial Conduct Authority (FCA) has cancelled the permissions of Surrey-based advisory firm Frensham Wealth Limited, as of 1 April 2022.
On 25 November 2021, the business was issued with a first supervisory notice by the regulator which varied the permissions it held at the time.
The watchdog informed Frensham Wealth that by 6 December 2021 it could no longer provide financial advice on or make investments, advise on mortgages, pensions and pension transfers, offer credit broking services or advise on peer-to-peer (P2P) agreements.
But on 1 April 2022, the FCA said that, since the company did not refer the matter to the upper tribunal within 28 days of receiving the first notice, and since its permission variation meant that it could no longer carry out any regulated activities, “it is no longer necessary to keep the permission in force”, the regulator said.
Background
The first supervisory notice was issued because the watchdog had “serious concerns about the firm”, and it believed Frensham Wealth was failing, or likely to fail, and imposed restrictions on its permissions to satisfy suitability and appropriate resources requirements.
On 1 October 2020, a decision notice was issued against Frensham Wealth founder Jon Frensham, formerly known as Jonathan James Hunt, as he was not a “fit and proper person on the basis that he lacked integrity and reputation”.
The order sought to disqualify the financial adviser after he had been convicted for attempted child grooming while he was an FCA-authorised person.
Frensham appealed the decision to the tribunal, which dismissed his case and upheld the regulator’s ban.
