The FCA slapped the ban on FSC Investment Services in a statement on its Financial Services Register.
The order read: “Under section 55L of FSMA, the following requirement is included in the Firm's Permission so that the Firm must immediately cease all regulated activities until such time as the FCA has approved persons to carry on the required functions of CF1 (Director), CF10 (Compliance Oversight) and CF11 (Money Laundering Reporting)”
Frank Cochran was jailed for seven years in April after he was found guilty of a string of offences, including sexual assault by penetration, using controlling and coercive behaviour and putting a person in fear of violence by harassment.
He also previously pleaded guilty to owning a Taser weapon bought on holiday.
The high profile adviser served a large number of clients during his career, including celebrities and had featured on TV interviews with Sky, ITV and CNN.
FSC Investment Services employs 13 people and Mr Cochran still owns at least 75% of the company’s shares.
In May Blair Dunsmuir, who is listed on the FCA register as the principal contact for the firm, told Financial Planning Today that he was determined to carry on and make a success of the business.
He said at the time: “We are carrying on great guns, it’s business as normal and my door’s open for any new business.”
Mr Dunsmuir insisted himself and the rest of the 12 staff at the Wolverhampton-based firm should not suffer because of Mr Cochran’s conviction.
FSC Investment Services’ website currently displays a message which reads: “Hi there, thanks for visiting us.
“Our new website is currently under construction. Be back soon!”
Financial Planning Today contacted Mr Dunsmuir today for comment and is awaiting a response.
The FCA declined to comment further on the case.