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.
To comment on this story, contact:
0207 034 2681
The aviation sector's constant evaluation of errors in order to improve safety should be applied to defined benefit (DB) schemes, as too many are repeating the same mistakes again and again, research has shown.
IA sectors – help or hindrance?
Despite multiple complaints
Annuity market worth £4bn in 2017
For ‘distress’ caused