A judge has refused to lift a lifetime ban on an adviser who was struck off for failing to compensate clients who the Financial Services Authority (FSA) found he had caused to lose "substantial" money from their pensions.
Jonathan Townrow was banned in 2006 from performing any function in relation to regulated activity on the grounds that he was not fit and proper because of his lack of integrity, and that he presented a "severe risk to customers".
The FSA found that he failed to treat customers fairly in his handling of the Pensions Review, describing his firm JMTA's approach as "a shambles".
Townrow failed to investigate properly the quality of the pensions advice his clients received, according to the FSA, and then failed to pay compensation due to clients despite having received payments from his professional indemnity insurers.
In its evidence to the tribunal, the FSA said that since the ban Townrow had failed to show that he had put his past behind him by compensating his former clients, or by undertaking any training.
Townrow, represented by Joe Egerton of Justice In Financial Services, argued only that he was not seeking re-approval but that if the ban was revoked he would be dealing with authorised firms and approved persons who would be in a position to ensure his activities are legitimate and that he presents no risk to the public.
However, Tribunal Judge Colin Bishopp said that argument "missed the point", and was a "hopeless" reason to try to have the ban lifted, maintaining that the prohibition order should remain in place.
Clarke replacing Balkham
'Deep-dive analysis of client behaviour'
Ways to mitigate April’s increases
The best equity income funds examined