The FSA has banned Martyn Powsney, the former director of Powsney & Co Ltd, an IFA firm based near Manchester, from holding positions of significant influence in any FSA authorised firm.

Pownsey, who failed to put in place systems and controls to ensure that customers received suitable advice and failed to take sufficient remedial action, was found to be not fit and proper to run an authorised firm.

Following an initial visit in 2007, the FSA required Powsney to take action to rectify serious failings at Powsney & Co Ltd but, despite employing a compliance consultant to assist with the remedial work, he failed to take prompt, adequate action. A subsequent assessment by the FSA in 2008, as part of its assessment programme for small firms, identified similar concerns to the 2007 visit.

The regulator has concluded that Powsney failed to establish appropriate systems and controls at the firm demonstrate that the firm was providing suitable financial advice and fully appreciate or adequately undertake remedial action required by the FSA.

Tom Spender, FSA head of department, enforcement and financial crime, said: “Powsney lacked competence and capability. Even when FSA staff visited the firm in 2007 and 2008 and set remedial action