An adviser the FSA says "lacked competence and capability" has been banned.
The regulator says Michael Sheron, a partner at Sheron & Company Financial Advisers, can no longer undertake regulated business.
It says he failed to display a willingness to comply with regulatory requirements and principles.
Solely responsible for the Liverpool-based firm’s day-to-day business, Sheron failed to sufficiently supervise an adviser, placing the partnership at risk – the FSA says.
FSA retail enforcement head Jonathan Phelan says Sheron is banned from performing management functions in relation to any regulated business because he "poses a serious risk to consumers and the industry”.
"Mr Sheron's lack of competence and capability led to detriment both for customers and product providers,” he says.
“The management of a firm is responsible for ensuring systems are implemented and maintained and staff are adequately supervised in order to fulfil their regulatory obligations.
“This is a particularly serious case because Mr Sheron's poor management has led to significant consumer detriment."
As a result of the ban, the partnership has no effective management in place and ceased trading on 24 August.
Mr Sheron did not challenge the FSA's findings.
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Three years at Wells Fargo
Effective from 9 December 2019
One firm with permission suspensions left
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