The FCA has published a Decision Notice[1] 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. The Tribunal will then determine what, if any, is the appropriate action for the FCA to take, and will remit the matter to the FCA with such direction as the Tribunal considers appropriate for giving effect to its determination. The Tribunal’s decision will be made public on its website.
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 therefore 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 considers 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.
Notes to editors
- The decision to give the Decision Notice was made by the FCA’s Regulatory Decisions Committee[2].
- Mr Frensham has exercised his right to refer the matter to the Tribunal. The FCA’s Decision Notice is therefore provisional and subject to the determination of the Tribunal where both parties will present their cases. Accordingly, the FCA’s Decision Notice has no effect, pending the outcome of Mr Frensham’s reference.
- Mr Frensham applied to the Tribunal to make orders that the Decision Notice should not be published, pending the outcome of his reference, and that his reference to the Tribunal should not be listed on the Tribunal’s register, pending its determination of the reference. These applications were rejected by the Tribunal in February 2021. A link to the Upper Tribunal’s judgment will be provided once the judgment is published.
- Megan Butler, former Executive Director of Supervision (Investment and Wholesale) wrote a letter[3] to then Chair of the House of Commons Women and Equalities Committee in September 2018 outlining that the FCA views sexual harassment as misconduct which can drive poor culture.
- Christopher Woolard, then Executive Director of Strategy and Competition, gave a speech[4] in December 2018 outlining a clear message to firms: 'non-financial misconduct is misconduct, plain and simple'.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[5].