The FSA has banned a sole trader IFA after he was convicted of 18 financial crime offences, including fraud and money laundering.
Adrian Bancroft, trading as UK Expatriates Independent Financial Advisory Services, was authorised to carry out regulated home finance and designated investment business.
In July 2010 Bancroft was convicted at Teesside Crown Court of ten counts of fraud by dishonestly making a false representation to make a gain for himself or cause loss to another.
The fraud offences include arranging for clients’ policies and bonds to be surrendered without their knowledge.
He was also convicted of four counts of obtaining a money transfer by deception, three counts of acquiring criminal property, and one count of money laundering.
Bancroft committed 15 of these offences while authorised by the FSA.
He was sentenced, also in July 2010, to three years imprisonment.
In a warning notice sent to Bancroft dated January 25, 2011 the FSA says: “The convictions, and the conduct which gave rise to them, go directly to impugn your honesty, integrity and reputation, and therefore demonstrate that you are not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.”