British regulators have banned a financial industry executive after he admitted to not paying his train fare.
The UK Financial Conduct Authority (FCA) said Monday that it has banned a former managing director at Blackrock Asset Management Investor Services Ltd., Jonathan Paul Burrows, from conducting any regulated activity after he was found evading train fare. The regulator ruled that this conduct demonstrated a lack of honesty, and that he was not fit to remain in the industry.
“Burrows held a senior position within the financial services industry. His conduct fell short of the standards we expect. Approved persons must act with honesty and integrity at all times and, where they do not, we will take action,” said Tracey McDermott the FCA’s director of enforcement and financial crime.
According to the FCA, in November 2013, Burrows was caught without a valid train ticket. He was interviewed under caution and admitted to evading his rail fares on a number of occasions. Instead of paying the full £21.50 fare for his journey, he would enter the system at a rural station with no barriers, ride into London, and then exit with a pass card that charged him £7.20, it says.
The FCA notes that Burrows admitted to the regulator that he had evaded his train fare, and knew that he had been breaking the law. “The FCA does not consider that this is fit and proper behaviour for an approved person,” it says.