The FCA has rejected an attempt by convicted fraudster and former Quilter worker David Nicholas King to regain authorisation so he could work for a chartered surveying firm.

Mr King was jailed in November 2019 for six years and four months.

He was convicted after pleading guilty to three counts of theft, one count of fraud by false representation and one count of acquiring criminal property.

He stole approximately £608,000 from his late grandmother’s estate which had been due to be split among family members.

He used the money to spend on expensive cars, shooting days and holidays, including a trip to the Ryder Cup in the US.

The FCA banned Mr King indefinitely in July 2021 saying he was, “not a fit and proper person” to carry out regulated activity. The regulator said his convictions demonstrated a “serious lack of honesty and integrity.”

At the time of his sentence he ran his own firm called DNK Wealth Management.

He had previously carried out a customer function for Quilter Financial Limited between 2010 and 2012 and also worked as an appointed rep for Openwork Limited at various periods between 2010 and 2016. He was also an appointed rep at other authorised firms including Caerus Wealth.

Mr King was released from prison on 19 January this year and is serving the remainder of his custodial sentence in the community on licence.

In February 2022 he applied for a variation of the prohibition order to allow him to carry on the regulated activity of “assisting in the administration and performance of a contract of insurance.”

He said the variation was necessary, “to progress an application for employment with a specific rural chartered surveying firm.”

He said there was a possibility of his “pursuing a paid summer internship with a national property adviser” as well as completing the RICS qualification while working for a private landlord who undertakes its own in-house estate management activities.

The FCA rejected Mr King’s application because it said it “is not satisfied that the unfitness which gave rise to the Prohibition Order has been remedied.”

It added that it was not satisfied, “that Mr King is now fit and proper to perform functions in relation to regulated activities.”

The regulator gave Mr King its decision notice on 13 March.

It said Mr King had only been released from prison in January so “had insufficient opportunity to demonstrate that he has remedied the Authority’s concerns over his honesty and integrity. He has not been in situations in which the same or similar opportunities for reoffending could occur, because of the restrictions and limitations in place. Accordingly, the Authority considers that the Application is premature.”

Mr King failed to appeal the notice to the tribunal within 28 days so his application was rejected.

In previous notices, the FCA acknowledged that Mr King had been “open, honest and transparent” since the offences became known. He told the regulator he had been having financial problems at the time of the offences and has apologised to his family.