The FCA banned Jonathan Paul Burrows from performing any function in relation to any regulated activities, stating he is not “fit and proper” as a result of his actions.
Tracey McDermott, director of enforcement and financial crime at the FCA, said Burrows, who was a managing director at BlackRock Asset Management Investor Services, fell short of the regulator’s “expected standards” for a senior member of the financial services industry.
“Approved persons must act with honesty and integrity at all times and, where they do not, we will take action,” she added.
Burrows was stopped by a Revenue Protection Officer at the exit gates of London Cannon Street station in November last year, where he was found to have failed to purchase a valid ticket for his journey from Stonegate railway station in East Sussex.
After being interviewed under caution, he admitted that he had evaded the fare on many occasions by boarding the London bound train at Stonegate, which had no barriers, then “tapping out” his Oyster card at Cannon Street and paying the maximum fine of £7.20 rather than the full ticket price of £21.50.
Over a five year period, he avoided a total of £43,000.
Burrows was suspended by BlackRock when the fines were revealed, and later quit his role completely.
He subsequently admitted to the FCA that he knew his actions broke the law, and that he did not disclose his behaviour to his employer.
However, commenting on the ban, Burrows said his settlement with Southeastern Trains reached an amount “significantly in excess” of the value of the evaded fares he accrued on the “small number of occasions” he failed to pay.
“Indeed, the size of the settlement could be said to have led to a distorted perception of the scale of my wrong-doing. However, that does not change the fact that what I did was wrong, and I accept that,” he added.
“While I respect the FCA’s decision today, I also regret it, coming as it did after a 20 year career in the City that was without blemish.”
“I recognise that the FCA has on its plate more profound wrong-doing than mine in the financial services sector, and I am sorry that my case has taken up its time at this critical juncture for the future of the City and its reputation.”