THE Financial Services Authority (FSA) has banned John David Cook from giving financial advice and stopped his Liverpool-based firm, Stone Financial Management (SFML), from conducting any further business.

Mr Cook was the director and sole shareholder of SFML, a small firm specialising in mortgages.

In 2007, Mr Cook voluntarily withdrew his approved status after the FSA raised concerns about his failure to reveal facts relevant to his fitness and propriety. Following the withdrawal Mr Cook could not hold senior management functions at SFML.

With his approved status removed, Mr Cook appointed two consecutive replacement directors so that SFML could continue to function.

The first director left on October 31, 2007, and the second lacked the necessary skills to carry out the type of business in which SFML specialised.

This resulted in Mr Cook retaining day-to-day control of the business but without the relevant approval, demonstrating, according to the FSA, that he either did not understand the regulatory rules, or was not willing to comply with them.