The Financial Services Authority (FSA) has refused adviser Jonathan Townrow’s attempt to overturn a ban from the regulator, after the Upper Tribunal branded his bid as ‘hopeless’.
In 2006 the Financial Services Authority (FSA) published a final notice prohibiting Townrow, sole principal of JM Townrow & Associates, from performing any function related to regulated activities due to a history of serious regulatory failings that led to several of his clients suffering substantial losses.
He appealed the FSA’s rejection of this application, only for the tribunal to reject his bid, claiming he had ‘made no attempt to demonstrate that he is fit and proper’.
The FSA said in a final notice issued on Monday that following the tribunal judgment, it had rejected Townrow’s application. ‘The misconduct giving rise to the prohibition order was particularly serious; Townrow has not taken any substantive steps to remedy his misconduct and the FSA considers [he] would pose a risk to customers and confidence in the financial system, where the [order] to be revoked,’ it said.