FCA bans fare-dodging BlackRock manager from financial services
THE FINANCIAL Conduct Authority yesterday banned the former BlackRock investment manager Jonathan Burrows from the financial services industry for dodging rail fares worth £43,000.
The UK’s financial watchdog said that Burrows, who resigned from BlackRock in August, was “not fit and proper” to have a role in any of the services it regulated.
Describing him as someone who “lacks honesty and integrity”, it also said that someone in Burrows’ senior position should have been a role model for others.
Tracey McDermott, the FCA’s director of enforcement and financial crime, said: “Burrows held a senior position within the financial services industry. His conduct fell short of the standards we expect.”
Burrows avoided paying the full £21.50 fare for his journey by not buying a ticket at his rural home station and then using his Oyster card when he arrived at London Cannon Street station.
Paying just £7.20 instead, Southeastern trains calculated that Burrows’ bill amounted to £43,000 over five years before a Revenue Protection Officer stopped him at the station last November.
Burrows settled out of court to avoid prosecution.