The UK's Financial Conduct Authority has instructed FSC Investment Services Ltd, set up by Frank Cochran, the 'financial advisor to the stars' who was jailed in April for physical and sexual assault, to cease all regulated activities.

The regulator has issued its order, evidence of which has appeared on the Financial Services Register, in accordance with s55L Financial Services and Markets Act 2000. It can only resume its activities at such time as the FCA has approved people to perform such functions as CF1 (Director), CF10 (Compliance Oversight) and CF11 (Money Laundering Reporting).

Also, FSC must not in any way dispose of, deal with or diminish the value of any of its assets without the prior consent of the FCA. This requirement does not prohibit the firm from dealing with or disposing of any of its assets in the ordinary and proper course of business. That proviso, however, excludes the making of any capital distribution, the sale of the firm's client bank, the payment of unusual or significant amounts to the firm's shareholders or other connected people, any gift or significant loan to anyone and/or the entry into any financial reconstruction or organisation.

Frank Cochran, 60, was jailed for seven years for sexual and other types of assault. His Staffordshire-based firm employed 13 people. It was the official wealth management partner of Wolverhampton Wanders FC and advised pop stars, lottery winners and football stars about offshore investments.