The FCA has rejected an attempt by convicted fraudster and former Quilter employee David Nicholas King to get his license reinstated to work for a chartered survey company.
King was sentenced to six years and four months in prison in November 2019.
He pleaded guilty to three counts of theft, one count of fraud by misrepresentation, and one count of taking criminal property and was convicted.
He stole around £608,000 from his late grandmother’s estate, which was to be divided among the family.
He used the money to buy luxury cars, trips to the Ryder Cup in the United States, and other filming days and holidays.
In July 2021, the FCA imposed an indefinite suspension on King for being “unfit and fit” to engage in regulated activities. Regulators said his conviction demonstrated a “significant lack of honesty and integrity.”
At the time of the sentencing, he was running his own company, DNK Wealth Management.
Previously, he worked in client affairs for Quilter Financial Limited from 2010-2012 and as an Authorized Representative for Openwork Limited at various times from 2010-2016. He has also been the designated representative of other accredited companies, including Caerus Wealth.
King was released from prison on January 19 this year and is serving the remainder of his prison sentence on community licensure.
In February 2022, he applied for a variation of the restraining order allowing the regulated activity to continue “to assist in the administration and fulfillment of insurance policies.”
He said the change was necessary “to facilitate employment applications with certain local licensed survey companies.”
He said he could “pursue a paid summer internship with a state property adviser” and obtain a RICS credential while working for a private landlord with his own property management activities.
The FCA rejected King’s application, stating that it was “unsatisfied that the non-conformances that caused the prohibition have been corrected.”
It added that it was not satisfied that “Dr. King is currently fit and fit to perform duties related to regulated activities.”
The regulator issued a decision notice to King on March 13.
The paper said that King had just been released from prison in January and had “insufficient opportunity to prove he had dismissed officials’ concerns about his honesty and integrity.” Because of the limits and restrictions in place, he has never been in a situation where the same or similar opportunities for re-offending could arise. Therefore, the agency considers this application premature. ”
King failed to appeal the notice to court within 28 days, and the application was denied.