The regulator said that Baronworth’s financial promotions lacked balance by emphasizing the benefits of a proposed investment without giving equal prominence to the risks.
Additionally, FSA remarked that the company failed to handle complaints appropriately, a significant proportion of which arose from its financial promotions of the Eurolife Secured Bond ISA.
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The regulator held Jackson directly responsible for these failures as he was solely responsible for drafting and approving direct offer financial promotions and handling of complaints within Baronworth.
The regulator has banned Jackson from performing any significant influence function other than as or through an appointed representative.
Though the FSA had sought to impose a financial penalty of GBP50,000 on the firm, the amount was reduced to nil since Baronworth had entered into liquidation on 17 July 2012.
Commenting on the decision, FSA head of retail enforcement, Bill Sillett, said: "This particular case emphasizes the need for authorized firms and approved persons to ensure that their financial promotions are clear, fair and not misleading, especially when they are carried out on a direct offer or non-advised basis.
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By GlobalData"This is particularly important to ensure non advisory firms are compliant with the recent changes brought in by the Retail Distribution Review," Sillett added.
