Financial Conduct Authority  

FCA bans adviser trio jailed for sex offences

FCA bans adviser trio jailed for sex offences

The Financial Conduct Authority has banned three former financial advisers convicted of unrelated sex offences in 2018. 

In an update today (November 5) the regulator confirmed advisers Russell David Jameson, Mark Horsey, and Frank Cochran, who all feature on the sex offenders register, have been banned from working in the financial services industry. 

Whilst Mark Horsey was the sole director of an authorised financial advice firm he secretly watched and filmed his tenant in the shower without their consent.

He was convicted of voyeurism under the Sexual Offences Act in September 2018 and sentenced to nine months in prison, which was suspended for 18 months. 

Horsey was also ordered to complete 100 hours of unpaid work and 25 days of rehabilitation activity, and also required to sign the sex offenders register. 

Russell David Jameson was an adviser at an authorised firm and approved by the regulator to hold influential and customer facing functions. 

Between January 2013 and August 2017 he made indecent photographs of children and had thousands of images in his possession, according to the FCA, including films and images of the "utmost severity". 

Jameson was convicted in July 2018 and sentenced to five years in prison, ordered to sign the sex offenders register indefinitely and included on a list of individuals banned from working with children or vulnerable adults. 

Frank Cochran, a former pensions, mortgages and investments adviser, was convicted in April 2018 of sexual assault and engaging in controlling and coercive behaviour. 

He was sentenced to seven years in prison and ordered to sign the sex offenders register. 

Mark Steward, executive director of enforcement and market oversight, 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."

In 2018 the FCA pledged to stamp out sexual harassment in the financial services industry, warning it was denying authorisation to approved persons based on their non-financial conduct.  

In a letter to the Women and Equalities Committee, Megan Butler, executive director of investment, wholesale and specialist supervision at the FCA,  reiterated the body's view that sexual harassment falls within their regulatory scope.

As part of this scope, Ms Butler said the FCA will continue to enforce individual accountability within the industry and assess whether senior staff are "fit and proper" to fulfil their roles.

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