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Fare-dodging London banker banned from financial industry
Last Updated: 2014-12-16 07:35 | Xinhua
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A former London banker was banned for life from doing any work in the financial services industry as he avoided buying train tickets for a long time, London's Financial Conduct Authority (FCA) said on Monday.

The London's financial industry watchdog said Jonathan Paul Burrows, former Blackrock Asset Management Managing director, was caught by a Revenue Protection Officer at the exit gates of London Cannon Street Station which was in the City of London.

Burrows was found that he did not buy a ticket for the entire journey whilst traveling from Stonegate railway station, East Sussex of Britain.

FCA said Stonegate was a rural station with no barriers.

"Once Burrows 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 pounds (11.3 U.S. dollars) rather than purchasing the required ticket for 21.50 pounds," said the FCA.

Burrows was admitted to evading his rail fares on a number of occasions.

"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 the FCA.

Burrows said he recognized that what he did was foolish. While he regretted FCA's decision, as he "did after a 20-year career in the City that was without blemish."

On April 1, 2013 the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). (1 pound = 1.67 U.S. dollars)

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