FCA finalises ban for fraudulent adviser

The regulator said in its final notice that York-based adviser Michael Bains was banned from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm. It said in its notice it had concluded that "Bains is not a fit and proper person to perform any functions as his conduct demonstrates a lack of honesty and integrity, and that he poses a significant risk to consumers". Bains is currently serving 18 months at HMP Northallerton for six fraud offences he committed between 6 April 2009 and 18 March 2012, fo...