An ex-director of David M Aaron (Personal Financial Planners) who was deauthorised when the firm closed has applied to be regulated and is working again.
Andrew Jones was director of compliance oversight and money-laundering reporting and was an investment adviser.
He is working in a supervised role for IFA Advison, working with Kevin Minter, another former Aaaron adviser.
The other three directors of the banned firm, David Aaron, Michael Aaron and Stephen Aaron, could all work again if they apply and become authorised by the FSA.
The regulator refuses to comment on whether it would bring enforcement proceedings against individual directors of David M Aaron.
IFA Kohn Cougar managing director Roddy Kohn, a former PIA regulatory disciplinary committee member, says: “IFAs who bring the sector into disrepute should be struck off for life.”