The FCA has published a decision notice, confirming that it has decided to ban Darren Lee Newton from working in any regulated activity in the financial services sector.
It has been reported that Newton is disputing the FCA’s decision and has referred the matter to the Upper Tribunal at which the FCA and Newton will be able to present their cases.
The FCA found that Newton had used customers’ money for the purchase of the debt management firm, First Step Finance, displaying a “serious” lack of honesty and integrity and, as a result, decided that he is not a “fit and proper” person.
The regulators case is that Newton purchased First Step from Christine Whitehurst through his company, Debt Help and Advice, and was the sole director of the two companies between 18 October 2013 and 28 May 2014. However, rather than using his own funds to purchase the company, Newton funded the purchase with client money, allowing £322,500 to be transferred from First Step to Whitehurst.
Whitehurst and her husband, Adrian Whitehurst, were banned by the FCA in October 2017 for dishonestly misappropriating money from First Step.
Furthermore, the FCA considers that Newton knew this money from First Step should have only been used to pay customers’ creditors or to be returned to the customers.
First Step went into administration on 28 May 2014 with a client money shortfall of over £7.1m from over 4,000 clients.
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