The regulator has decided to withdraw Frensham’s approval to perform current senior management functions and to make an order prohibiting him from performing any functions in relation to regulated activity.
Frensham has since referred the Decision Notice to the Upper Tribunal where he and the FCA will each present their cases.
In March 2017, the financial advisor was convicted of attempting to meet a child following sexual grooming, committing the offence while he was an approved person.
He was sentenced to 22 months’ imprisonment, suspended for 18 months.
In a statement, the FCA said: “Given the nature and circumstances of his offence, the FCA considers that Mr Frensham is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised or exempt persons or exempt professional persons. This is because he lacks the necessary integrity and reputation.
“The FCA considers that, as a result of this, Mr Frensham poses a risk to consumers and to confidence in the financial system.”
It added: “Therefore, the FCA considers it is appropriate, in order to advance its statutory objectives (which include protecting consumers and the integrity of the UK financial system), to withdraw his approval to perform senior management functions and to impose a prohibition order on him.”