FCA publishes Decision Notice against Jon Frensham for non-financial misconduct
On 29 March 2021, the FCA published a Decision Notice in respect of Jon Frensham (formerly known as Jonathan James Hunt), an independent financial adviser and the sole director at Frensham Wealth Limited.
The FCA considers that Mr Frensham is not a fit and proper person and has decided to withdraw his approval to perform his current senior management functions and to make an order prohibiting him from performing any functions in relation to regulated activity
Mr Frensham has referred the Decision Notice to the Upper Tribunal (the Tribunal) where he and the FCA will each present their cases. Accordingly, the action outlined in the Decision Notice is provisional and will have no effect pending the determination of the case by the Tribunal. At this stage, the facts and matters stated in the Decision Notice reflect the FCA’s belief as to what occurred and how Mr Frensham’s behaviour is to be characterised.
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. Mr Frensham was sentenced to 22 months’ imprisonment, suspended for 18 months.
Given the nature and circumstances of his offence, 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. This is because he lacks the necessary integrity and reputation.
The FCA considers that, as a result of this, Mr Frensham poses a risk to consumers and to confidence in the financial system. Therefore, the FCA believes it is appropriate, in order to advance its statutory objectives (which include protecting consumers and the integrity of the UK financial system), to withdraw his approval to perform senior management functions and to impose a prohibition order on him.
Christopher Woolard, then Executive Director of Strategy and Competition, gave a speech in December 2018 outlining a clear message to firms: ‘non-financial misconduct is misconduct, plain and simple’.