York-based Michael Bains defrauded his clients out of £160,500 and confessed to six counts of fraud in August.
The victims of Mr Bains included a 58-year-old woman who lost her life savings of £100,000, which she intended to use to buy the rented property she was living in.
The offences were committed between 6 April 2009 and 18 March 2012.
The FCA has now given him a prohibition order.
In the final notice, issued by the FCA, it said: "The authority has concluded...that Michael Bains is not a fit and proper person to perform any functions as his conduct demonstrates a lack of honesty and integrity, and that he poses a significant risk to consumers."
York Crown Court heard last summer that Mr Bains had run up substantial debts over a considerable period of time through gambling and hiring escorts.
Police said that after borrowing money from friends and family he then turned to clients he had met through business dealings, persuading them to invest in private deals for non-existent property development and investment schemes.
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Mr Bains had used the money to fund repayments to other investors as well as his gambling habit and expenditure on female escorts he had met via internet sites.
Mr Bains admitted he had lost over £100,000 through gambling. Further enquiries showed that he had visited different escorts on at least 49 occasions, spending around £150 on each visit.
Detective Sergeant Edwards, from the Financial Investigation Unit, said at the time of sentencing: "Bains has used his position to convince people who trusted him to invest their life savings wisely. He has cynically used their hard earned cash to indulge his obsession for gambling and escorts - there was no investment scheme - only other victims to repay.
"He has now declared himself bankrupt so there is little chance that the victims of the fraud will receive any compensation."