Jonathan Paul Burrows, a former managing director at Blackrock Asset Management, has been banned for life from senior roles in financial services by the Financial Conduct Authority (FCA) after evading nearly £43,000 in train fares. The FCA ruled that his conduct fell short of the standards expected in the City.
Burrows exploited a loophole at Stonegate station in East Sussex, a rural stop without ticket barriers. He used an Oyster card to tap in at Cannon Street, paying £7.20 instead of the £21.50 fare for his commute to London. Over several years, he saved almost £43,000 before being caught.
He avoided prosecution by reaching an out-of-court settlement with Southeastern railways, but resigned from his £1m-a-year job after public outcry. The FCA noted that Burrows admitted knowing he was breaking the law and did not inform his employer.
FCA director Tracey McDermott stated: 'His conduct fell short of the standards we expect. Approved persons must act with honesty and integrity at all times.' Burrows expressed regret, saying: 'I have always recognised that what I did was foolish.' He is only the second person banned by the FCA for wrongdoing unrelated to his job.
