Three Banned From U.K. Finance After Sex-Offender Convictions

The U.K. financial regulator banned three men from the financial industry after they were convicted of crimes and ordered to sign the sex offenders register.

The Financial Conduct Authority said the three individuals, who were all convicted in 2018, couldn’t be considered “fit and proper” to work in any regulated firm.

“The FCA expects high standards of character, probity and fitness and properness from those who operate in the financial services industry and will take action to ensure these standards are maintained,” said Mark Steward, executive director of Enforcement and Market Oversight.

The move highlights the power of the regulator to ban individuals on the basis of “non-financial” conduct. The FCA has focused on workplace culture in recent years as a “root cause” of financial wrongdoing and told lawmakers it considers that tolerance of sexual harassment can drive a poor culture.

The men banned Thursday had all been convicted of a range of sex crimes.

Russell Jameson, a financial adviser, pleaded guilty to making and distributing indecent images of children and was jailed for five years. Mark Horsey, the sole shareholder of an investment firm, was convicted by a jury of voyeurism after recording someone having a shower without their consent and was given a suspended sentence. Frank Cochran, a director of a firm that advised on pensions and mortgages, was convicted of a sexual assault and is serving a seven-year sentence.

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