First Financial Advisers Ltd had applied for Stephen Danner to be approved to perform controlled function CF30, the customer function. However, the Upper Tribunal has decided to uphold an FSA decision to refuse this application.

The Upper Tribunal concluded that Mr Danner was not a fit and proper person. This decision was reached on the basis of evidence submitted to the tribunal that showed he had failed to manage conflicts of interest in two other companies in which he had an interest. He had also been unable to sufficiently assess the risk and suitability of investing in the CF Arch cru funds for previous clients owing to a lack of knowledge and understanding in investments.

First Financial Advisers Ltd's application was therefore dismissed.