In May this year the regulator banned Darren Lee Newton for using customers’ money for the purchase of the debt management firm, First Step Finance Limited. 

The alleged misappropriation showed what the FCA initially called “a serious lack of honesty and integrity” and the regulator had deemed him as “not a fit and proper person.”

The regulator said earlier today that Mr Newton had been banned from operating in the financial services industry for life as no appeal had been made. 

However it emerged this afternoon that "an administrative error" by the Upper Tribunal (the appeals hearing body) considering a possible appeal had been made and that Mr Newton could still appeal if he does so by 14 December, one month after the banning order. 

The updated FCA statement read: "Further to the press release issued earlier today in relation to the Darren Newton Final Notice, due to an administrative error on the part of the Tribunal, the Tribunal has informed the FCA this afternoon that it has now directed that Mr Newton may make an application for the reinstatement of his Tribunal reference, provided he does so within one month (i.e. by 14 December 2018).

"Accordingly, the FCA has removed its earlier press release and the Final Notice from its website, and no decision has been made."