The Financial Conduct Authority (FCA) made its final decision on Michael Hirst’s case, seven months after he was sentenced at Cardiff Crown Court.
The notice published by the FCA said Hirst, of Mayals in Swansea, is now prohibited from performing any function related to any regulated activity within the financial industry, because he is “not a fit and proper person to perform any functions as his conduct demonstrates a lack of honesty and integrity”.
He was also said to pose a “significant risk” to consumers.
Hirst, who joined Cardiff-based independent financial advisory firm HHPG in 2006, stole life savings and pensions from vulnerable retirees and widows between 2007 and 2012.
During his sentencing in May, Judge Thomas Crowther described Hirst’s actions as "jaw-droppingly callous” and questioned whether he had felt any remorse towards his victims.