The Financial Conduct Authority (FCA) has banned Peter Johnson, former compliance officer of Keydata Investment Services Ltd (Keydata), from performing any function in relation to any regulated financial activity and publicly censured him.

The regulator said that, were it not for Johnson’s “serious financial hardship”, it would have fined him £200,000.

The FCA has found that Johnson failed to act with integrity in his role as Keydata’s compliance officer and misled the then Financial Services Authority (FSA) on a number of occasions.

The Final Notice follows Johnson’s withdrawal of his reference to the Upper Tribunal. Proceedings continue in the Upper Tribunal with respect to the references made by Stewart Ford, Keydata’s former CEO, and Mark Owen, Keydata’s former salesdirector.