The financial regulator has banned three convicted sex offenders from working in the City, including a celebrity wealth manager who once partnered with Wolverhampton Wanderers.
In what is believed to be the first time it has exercised its powers in cases of this kind, the Financial Conduct Authority (FCA) barred Frank Cochran, Russell David Jameson and Mark Horsey after they failed its “fit and proper” test for regulated professionals.
The three were convicted in 2018 of unrelated sex offences committed while they were working in the financial sector.
Cochran, who once gave financial advice to actors, musicians and athletes, was sentenced to seven years in prison after being convicted of offences including sexual assault, engaging in controlling and coercive behaviour.
The disgraced financier, who used to hire corporate seats at the British Grand Prix and the Badminton Horse Trials once partnered his firm, Celebrity Financial Planning, with Wolverhampton Wanderers football club.
Mark Steward, the FCA’s executive director of enforcement, said: “The FCA expects high standards of character, probity and fitness and properness from those who operate in the financial services industry and will take action to ensure these standards are maintained.”
Jameson, a financial adviser, was banned after being convicted and sentenced to five years in prison for criminal offences relating to the making, possession and distribution of indecent images of children, which the FCA said included “films and images of the utmost severity”.
Horsey, who ran his own firm, was convicted of voyeurism for surreptitiously observing his tenant having a shower and making video recordings.
Jill Lorimer, partner at law firm Kingsley Napley said the FCA’s decision “sends a powerful message” about the standards of character and integrity expected of professionals in the regulated financial sector.