The FCA said Mr Frensham, an independent financial adviser and the sole director at Frensham Wealth Limited, lacked the integrity 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. 

As part of his suspended sentence, he was required to take part in a rehabilitation process to address his sexual offending and attitudes. The sentencing judge told Mr Frensham, “(you) showed no remorse about your decision to meet a 15-year-old girl. The damage even of a non-sexual meeting could well have been incalculable”. 

He was made subject to an indefinite Sexual Harm Prevention Order and also required to sign the Sex Offenders’ Register.

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

The regulator found that Mr Frensham had failed in his obligation to be open and transparent with the FCA about his arrest and about being remanded in custody in respect of the offence which led to his conviction.

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

The FCA previously published a Decision Notice against Mr Frensham in March 2021, which Mr Frensham referred to the Upper Tribunal. The Upper Tribunal unanimously dismissed Mr Frensham’s reference on 31 August.