Paul Wade of Churchill Financial Solutions has been accused of defrauding Churchill Innovative Solutions, where he was a director until February this year, out of more than £23,000.
Wade has pleaded not guilty to the charges and is due to reappear in the Isle of Wight magistrates court on July 29.
He says: “The criminal system is being used to drive forward a civil matter. All the accusations were made within weeks of me setting up a competing company.”
Wade left Churchill Innovative Solutions in February this year to set up an IFA firm, called Churchill Financial Solutions, and is continuing to trade during the court proceedings.
He says he has fully disclosed the matter to the FSA and is waiting for advice from the regulator.
The FSA refused to comment on the charges.