An ex-managing director of an asset management firm has been banned for life by the FCA for dodging rail fares.
Jonathan Paul Burrows, formerly of Blackrock Asset Management Investor Services, has been barred from performing any function in relation to any regulated activities for "not being fit and proper".
Mr Burrows admitted to evading rail fares on a number of occasions in London when interviewed under caution by a Revenue Protection Officer.
Tracey McDermott, FCA 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. Approved persons must act with honesty and integrity at all times and, where they do not, we will take action."
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Mr Burrows admitted to the FCA that he had evaded his train fare on a number of occasions and had done so in the knowledge that he had been breaking the law.
The FCA official statement read: "The FCA does not consider that this is fit and proper behaviour for an approved person. Burrows also admitted in interview that he did not disclose his behaviour to his employer. Although the FCA is not penalising Burrows for not informing his employer the FCA has taken this into account, amongst other things, in deciding what action to take."
On 19 November 2013, Mr Burrows was stopped by a Revenue Protection Officer at the exit gates of London Cannon Street Station and was found to have failed to purchase a valid ticket for the entire journey while travelling on the Southeastern train service from Stonegate railway station, East Sussex. Mr Burrows then admitted to evading his rail fares on a number of occasions.
He had boarded the London-bound train at Stonegate, a rural station with no barriers, without purchasing a ticket. Once he had arrived in London he exited through the barriers at Cannon Street Station by "tapping out" using an Oyster travel card, paying the maximum fare of £7.20 rather than purchasing the required ticket for £21.50.
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