The FSA has banned Scott Robert Merrell from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.

The regulator has decided that Merrell is not a ‘fit and proper person’, as in June 2008 he was convicted of four counts of obtaining a money transfer by deception and two counts of attempting to obtain dishonestly a money transfer by deception, for which he was sentenced to 14 months imprisonment for each offence.