FCA bans director for misappropriation of client money

The FCA has today published a decision notice in which it has banned a director, Darren Newton, from working in any regulated activity in the financial services sector.

The FCA found that Mr Newton had used customers’ money to purchase a debt management firm, First Step Finance Limited. The FCA commented that this “showed a serious lack of honesty and integrity and, as a result, the FCA has decided that he is not a fit and proper person”.

Mr Newton is disputing the FCA’s decision and has referred the matter to the Upper Tribunal at which the FCA and Mr Newton will be able to present their cases.