The FCA says it has acted because it believes the firm poses a risk to consumers.

Mr Frensham, an independent financial adviser and the sole director at Frensham Wealth Limited of Walton-on-Thames, was banned by the FCA in September for lacking the integrity required to work in financial services.

In March 2017, he was convicted of attempting to meet a child aged 15 following sexual grooming. On 27 March 2017, he was sentenced to 22 months in prison, suspended for 18 months. 

He committed the offence while he was an approved person and while on bail for a similar offence. 

He also failed to inform the FCA of the decision by the Chartered Insurance Institute (CII) not to renew his Statement of Professional Standing and to expel him from membership.

The watchdog said in September that given the circumstances, including his conviction for a serious offence, the FCA considered that Mr Frensham was not a "fit and proper" person to perform any function in relation to any regulated activity because he lacks integrity and good reputation.

In the latest move, the FCA has removed his firm's Part 4A permissions. This means the firm can no longer carry out regulated activities, including advising on investments.

The FCA has also imposed a number of other requirements including that the firm must by 4 pm on 6 December 2021 notify in writing all customers of the variation of the firm’s permissions and confirm to the authority that it has done so. It must also by the same deadline either update its website to state that it does not have permission to conduct any regulated activities or remove its website from the internet.

A check by Financial Planning Today found the firm’s website still live on the internet today and still functioning.

The watchdog says the firm must also secure and preserve all records and/or information (physical or electronic) relating to all business or transactions involving the carrying on of one or more regulated activities.

The FCA says it has taken the actions because it has “serious” concerns about the firm which it believes poses a risk to consumers and to confidence in the UK financial system.