A financial services director has been banned for life from working in the financial services industry after regularly dodging the cost of his train ticket on his daily commute to the City.
Blackrock director Jonathan Paul Burrows reportedly clocked up £42,550 in unpaid fares, plus £450 in legal costs.
The Financial Conduct Authority (FCA) deemed Mr Burrows’ actions to demonstrate “a lack of honesty and integrity”.
The regulating body for the financial services industry said, "Mr Burrows has admitted that, on a number of occasions, he deliberately and knowingly failed to purchase a valid ticket to cover his entire journey."
"As Mr Burrows held a senior position within the financial services industry and was an approved person, he should have been a role model for others and his conduct has fallen short of the standard expected for someone in his position."
As a result, the FCA had decided to ban Mr Burrows from working in any regulated financial services industries for life.
Mr Burrows has paid back the £42,550. Following the FCA decision, he commented: "I have always recognised that what I did was foolish. I have apologised to all concerned and reiterate that apology publicly.
"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 wrongdoing 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."