The ban follows a decision made by the Financial Services and Markets Tribunal on 16 March 2006. Mr Elliott applied to the Tribunal for permission to appeal the decision but permission was refused. He then applied to the Court of Appeal but later withdrew that application.
The Tribunal's unanimous decision was that Mr Elliott was not a fit and proper person as described in the Financial Services and Markets Act. It concluded that Mr Elliott "poses a risk to the protection of consumers and a risk to the reputation of the market."
Margaret Cole, director of enforcement at the FSA, said: "Members of the industry should consider carefully the Tribunal findings against Mr Elliott when considering introducing any client to his unregulated mortgage investment scheme, as Mr Elliott poses a risk to consumers. Regulated firms who are considering doing business with him need to be aware of this."
Mr Elliott's name will now appear on the list of banned individuals which is publicly available on the FSA's website. The FSA expects regulated firms to check this list as part of their compliance procedures before advising clients.
