A firm owned by sex offender adviser Frank Cochran must cease all regulated activities.

Former HBFS Financial Services managing director Freddy David has been charged with fraud offences today at Bishopsgate Police Station, in the City of London.

Crimes including illegal drug possession, fraud, insider dealing and theft saw seven people barred from the FCA’s register over the last year.

The man now in charge of sex offender adviser Frank Cochran’s firm FSC has said the company is “carrying on great guns” and it is business as usual despite the upheaval.