< p>A director of an adviser firm has been banned by the FSA after it discovered that he incompetently advised clients to invest £9.7 million into Unregulated Collective Investment Schemes (UCIS).

Initial plans to ban Stephen Hocking, an adviser at Pave Financial Management, along with his business partner Tim Pattison, were announced by the FSA in November 2011 but both appealed the decision.

Pattison however - who the court had ruled was also liable to pay a £90,000 fine - died before the trial at the Upper Tribunal could take place, after which Hocking withdrew his appeal.

The regulator had also originally wanted to impose a £25,000 fine on Hocking but in its final decision notice it held that he was suffering from “serious financial hardship” so would not impose the fine.

The FSA did however maintain that Hocking – and Pave Financial Management – made unsuitable UCIS recommendations and gave reckless advice; it also found that he encouraged individuals to disinvest from conventional investments and to opt for UCIS products.

Some customers were even advised to remortgage their homes to raise funds to invest in UCIS

In its final notice, the FSA said: "Hocking lacks integrity and the competence and capability to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.

“If Hocking performed any functions he would pose a serious risk to consumers and therefore it is necessary and proportionate to prohibit him from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.”