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Debt Firm Owner Hits Setback In FCA Lifetime Ban Appeal

Law360, London (November 14, 2018, 12:30 PM GMT) -- The former boss of a collapsed debt management company has lost his appeal of the Financial Conduct Authority's attempt to ban him for life from working in financial services, but now has a month to petition a tribunal to revive the case.

The FCA banned Darren Newton in May from working in any regulated activity after the City watchdog found he used customers’ cash to buy a debt management firm, First Step Finance Ltd., in 2013. Newton appealed the decision at the Upper Tribunal, which has equivalent status to the High Court. His appeal was struck off on Oct. 5 after...

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