FCA bans former Quintillion director

An investigation found that Mr Silva-Peake caused or allowed the misappropriation of £659,270 of clients’ funds, and caused or allowed further financial losses to clients by transferring £2,063,022 of clients’ funds into inappropriate investments.

The FCA's Final Notice said that Mr Silva-Peake is "not a fit and proper person to perform any functions as his conduct demonstrates a clear and serious lack of honesty, integrity and reputation".

Quintillion Asset Management went into liquidation in 2012 and was formally placed into default in April 2014.

Quintillion failed to pay regulatory fees and levies owed to the FSA, who subsequently concluded that Quintillion was not conducting its business soundly and prudently and in compliance with proper standards.