The FCA has banned former IFA Luke Andrew Durrant after he was convicted of a £300,000 fraud which saw elderly and vulnerable clients cheated out of their savings.
Mr Durrant defrauded elderly and vulnerable victims by using a secret bank account to funnel their cheques to himself.
The FCA has banned him from performing any regulated activity indefinitely.
Mr Durrant (FCA Reference Number: LAD01068) was convicted in February 2020 of two counts of fraud by abuse of position and was sentenced at Norwich Crown Court in June 2020 to a total four years in prison.
He worked for a major IFA firm in East Anglia called Sophex Ltd which trades as Lifetime Financial Solutions. He worked for the firm between January 2012 and November 2018.
The firm is based in Norwich and serves clients across Norfolk and Suffolk.
The offences took place between May 2016 and November 2018 when he was an approved person and independent financial adviser at the firm.
At the time, Mr Durrant was approved by the FCA to perform the CF30 (Customer) controlled function in relation to Sophex Ltd (trading as Lifetime Financial Solutions Limited) between 2 January 2012 to 16 November 2018.
The offences took place between 1 May 2016 and 17 November 2018 while he was an approved person and related to the abuse of his position of trust as an independent financial adviser and approved person.
In his sentencing remarks, the Judge said that, in essence, Mr Durrant had set up a ‘hidden bank account’ in the name of Lifetime Financial Solutions Limited which would allow him to easily move cheques which were supposed to go to Sophex Ltd (in the form of diverted client fees) into his own business or personal account.
Mr Durrant used the trick to steal cash from clients, many of whom were elderly and vulnerable and trusted Mr Durrant, the court heard.
Over the period of the fraud, Mr Durrant stole approximately £300,000 from his victims. The Judge said that Mr Durrant had abused his position of power, trust and responsibility and described him as setting up a “dishonest and sophisticated scheme.”
The FCA said that Mr Durrant is not a fit and proper person to perform any function in relation to any regulated activity.
The watchdog said his convictions demonstrated a “clear and serious lack of honesty and integrity.”
Mr Durrant has elected not to appeal the FCA Final Notice, the FCA said.
Lifetime Financial Solutions has been asked by Financial Planning Today for comment on the ban of a former employee.
In February 2020 after Mr Durrant admitted the offences in court, Alex Couling, director of Sophex Ltd, which trades at Lifetime Financial Solutions, told the Eastern Daily Press he was pleased to put the ordeal behind the firm.
“We contacted the police and the relevant authorities and have fully cooperated with their investigations. Durrant was suspended from duty immediately and his clients were advised that he no longer represented our firm.
