The director of an advice firm has been banned by the FCA after transferring £2,063,022 of clients’ funds into ‘inappropriate’ investments.

Simon Silva-Peake, who was an authorised director of Quintillion Asset Management, “caused or allowed the misappropriation of £659,270 of clients’ funds”.

The FCA said in an official notice document that Mr Silva-Peake was “not a fit and proper person to perform any functions as his conduct demonstrates a clear and serious lack of honesty, integrity and reputation”.

He was one of three disqualified from acting as directors in 2014 following an investigation by the Insolvency Service after Quintillion went in to liquidation in 2012. Mr Silva-Peake was disqualified as a director for 11 years.

At that time, Ken Beasley, of the Insolvency Service’s Public Interest Unit, said: “Investors who believed that the company was providing professional investment advice to safeguard their pensions have lost significant sums of money.

“The company’s actions in making high risk investments against the wishes of clients were unacceptable and the directors bear that responsibility.

"By failing to preserve the company’s accounting records the directors also showed a fundamental disregard for their duties as directors of a limited company.

“The disqualifications demonstrate that The Insolvency Service will use its enforcement powers to remove irresponsible and culpable directors from operating with the benefit of limited liability in the business environment.”

The FCA ban took effect as of yesterday.