FINAL NOTICE

TAKE NOTICE: The Financial Services Authority of 25 The North Colonnade, Canary
Wharf, London E14 5HS (the “FSA”) gives Adrian John Bancroft (“Mr Bancroft”)
final notice about an order prohibiting him, from performing any function in relation to
any regulated activity carried on by any authorised person, exempt person or exempt
professional firm

1.
THE ORDER

1.1.
The FSA gave Mr Bancroft a Decision Notice on 9 March 2011 (the “Decision
Notice”) which notified him that, for the reasons listed below and pursuant to section
56 of the Financial Services and Markets Act 2000 (the “Act”), the FSA had decided
to make an order prohibiting him from performing any function in relation to any
regulated activity carried on by any authorised person, exempt person or exempt
professional firm (the “Prohibition Order”).

1.2.
Mr Bancroft has not referred the matter to the Upper Tribunal (Tax and Chancery
Division) within 28 days of the date on which the Decision Notice was given to him.

1.3.
Accordingly, for the reasons set out below, the FSA hereby makes an order pursuant
to section 56 of the Act prohibiting Mr Bancroft from performing any function in
relation to any regulated activity carried on by any authorised person, exempt person
or exempt professional firm. The Prohibition Order takes effect from 14 April 2011.

2.
REASONS FOR THE ORDER

Introduction

2.1.
The FSA has concluded, on the basis of the facts and matters and conclusions
described in its Warning Notice dated 25 January 2011 (an extract from which is
attached to and forms part of this Final Notice), and in the Decision Notice, that Mr
Bancroft is not a fit and proper person to perform any functions as his conduct
demonstrates a lack of honesty and integrity. Specifically, on 22 July 2010, Mr
Bancroft was convicted of eighteen counts of financial crime offences, for which he
was sentenced, also on 22 July 2010, to a total of three years imprisonment.

2.2.
The FSA’s statutory objectives are set out in section 2(2) of the Act and include the
protection of consumers, maintaining market confidence and the reduction of financial
crime.

2.3.
The FSA’s power to make a prohibition order is set out in section 56 of the Act and
the procedure to be followed is set out in section 58 of the Act.

The Enforcement Guide (“EG”)


2.4.
The FSA’s policy in relation to exercising its power to issue a prohibition order is set
out in EG.

2.5.
EG 9.1 explains the purpose of prohibition orders in relation to the FSA’s regulatory
objectives.

2.6.
EG 9.3 to 9.5 sets out the FSA’s policy on making prohibition orders. In particular:

(a)
EG 9.3 states that the FSA will consider all relevant circumstances, including
whether enforcement action has been taken against the individual by other
enforcement agencies, in deciding whether to make a prohibition order;

(b)
EG 9.4 states that the FSA has power to make a range of prohibition orders:
they may be unlimited or they may be limited to specific functions in relation
to specific regulated activities, depending on the reasons why the individual is
not fit and proper and the severity of risk he poses to consumers or the market
generally; and

(c)
EG 9.5 states that the scope of a prohibition order will depend on the reasons
why the individual is not fit and proper and the severity of risk he poses to
consumers or the market generally.

2.7.
EG 9.17 sets out that where the FSA is considering whether to make a prohibition
order against someone who is not an approved person, the FSA will consider the
severity of the risk posed by the individual and may prohibit him where it considers
that it is necessary to achieve the FSA’s regulatory objectives.

2.8.
EG 9.18 states that, when determining the fitness and propriety of such an individual,
the FSA will consider a number of factors, including those set out in EG 9.9. These
factors include: the criteria for assessing the fitness and propriety of approved persons
set out in the Fit and Proper Test for Approved Persons (“FIT”) section of the FSA
Handbook, the relevance and materiality of any matters indicating unfitness, and the
severity of the risk which the individual poses to consumers and to confidence in the
financial system.

Fit and Proper Test for Approved Persons


2.9.
The FSA has issued guidance on the fitness and propriety of individuals in FIT.


2.10. FIT 1.1.2G states that the purpose of FIT is to set out and describe the criteria that the

FSA will consider when assessing the fitness and propriety of a candidate for a

controlled function. The criteria are also relevant in assessing the continuing fitness

and propriety of approved persons.


2.11. FIT 1.3.1G(1) states that the most important considerations include a person’s
honesty, integrity and reputation.

2.12. FIT 2.1.3G(1) states that the FSA will have regard to whether a person has been
convicted of any criminal offence, and goes on to say that particular consideration
will be given to offences of dishonesty, fraud, financial crime or other offences under
legislation relating to money laundering.

3.
DECISION MAKER

3.1.
The decision that gave rise to the obligation to give this Final Notice was taken by the
Regulatory Decisions Committee.

4.
IMPORTANT

4.1.
This Final Notice was sent to Mr Bancroft in accordance with section 390(1) of the
Act.

4.2.
Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information
about the matter to which this Final Notice relates. Under those provisions, the FSA
must publish such information about the matter to which this Final Notice relates as
the FSA considers appropriate. The information may be published in such manner as

the FSA considers appropriate. However, the FSA may not publish information if
such publication would, in the opinion of the FSA, be unfair to Mr Bancroft or
prejudicial to the interests of consumers.

4.3.
The FSA intends to publish such information about the matter to which this Final

Notice relates as it considers appropriate.

4.4.
For more information concerning this matter generally, please contact Alexander
Banerjea (direct line: 020 7066 7206 / fax: 020 7066 7207) of the Enforcement and
Financial Crime Division at the FSA.

…………………………………………………

John Kirby
FSA Enforcement and Financial Crime Division


Attachment: Extract from Warning Notice dated 25 January 2011

EXTRACT FROM THE WARNING NOTICE DATED 25 JANUARY 2011 ISSUED
BY THE FSA TO ADRIAN JOHN BANCROFT


“2.
REASONS FOR THE PROPOSED ACTION

Facts and matters relied on

2.14. You were authorised as a sole trader, trading as UK Expatriates Independent
Financial Advisory Services, on 3 November 2004 to conduct regulated home finance
and designated investment business.

2.15. On 22 July 2010, you were convicted at Teesside Crown Court, upon your own
admission, of ten counts of fraud by dishonestly making a false representation to
make a gain for yourself or cause loss to another (contrary to section 1 of the Fraud
Act 2006), four counts of obtaining a money transfer by deception (contrary to
section 15A of the Theft Act 1968), three counts of acquiring criminal property
(contrary to section 329(a) of the Proceeds of Crime Act 2002), and one count of
money laundering (contrary to section 327(1)(d) of the Proceeds of Crime Act 2002).

2.16. You committed fifteen of these financial crime offences whilst you were authorised
by the FSA. The fraud offences of dishonestly making false representations to make a
gain for yourself or cause loss to another, included arranging for the surrender of
policies and bonds held by your clients without their knowledge or consent.

2.17. The facts and matters described above lead the FSA, having regard to its regulatory
objectives which include the protection of consumers, maintaining market confidence
and the reduction of financial crime, to the following conclusions:

• you have acted dishonestly and without integrity by dishonestly making false
representations to make gain for self/another and obtaining money transfers by
deception whilst authorised by the FSA;

• you have been convicted of serious financial crime offences;

• the convictions, and the conduct which gave rise to them, go directly to impugn
your honesty, integrity and reputation, and therefore demonstrate that you are not
a fit and proper person to perform any function in relation to any regulated activity
carried on by any authorised person, exempt person or exempt professional firm;

• you present a risk to consumers, to the financial system, as well as to the FSA’s
statutory objective of the reduction of financial crime, as you have failed to
demonstrate that you conducted your business in compliance with proper
standards; and

• the severity of the risk that you pose to consumers and to confidence in the market
generally is such that it is necessary in order to achieve its regulatory objectives
for the FSA to make a prohibition order against you in the terms proposed.”

END OF EXTRACT