A former partner at wealth manager St James's Place Wealth Management has been fined £300,000 and banned indefinitely from any regulated activity in UK finance by the Financial Conduct Authority for misleading investors.

An FCA spokesman confirmed that the ban is indefinite. The regulator had originally decided on the sanction for the former partner, Peter Carron, in September last year, but Carron challenged the decision late last year only for the Upper Tribunal to strike out his appeal in July.