The Financial Conduct Authority has banned a former senior executive at brokerage firm BGC after he took part in an “unlawful conspiracy” to poach brokers from a rival firm.
Anthony Verrier referred the case to the Upper Tribunal in April 2012 but has now decided to withdraw his referral.
As a result, the regulator has banned Verrier from working in financial services due to concerns over his integrity.
The FCA based its decision on a ruling by the High Court in March 2010 relating to a case brought by rival brokerage
Tullett Prebon against BGC Brokers and 13 other parties, including Verrier.
The High Court found that in his evidence “Verrier stuck to the truth where he was able to but departed from it with equanimity and adroitness where the truth was inconvenient”.
The Court of Appeal ruling in February 2011 added: “Verrier was found [by the High Court] to have participated in an unlawful means conspiracy, the unlawful means including the inducement of the broker defendants to breach their contracts of employment with Tullett by leaving early without lawful justification.”
FCA director of enforcement and financial crime Tracey McDermott says: “Verrier held a senior position within the financial services industry. He should have been a role model for others.
“The judge’s findings about his conduct made it clear he fell far short of that.”
McDermott adds: “Trust will not be restored in financial services unless professionals within it can be relied upon to act with integrity.”
Facts & Figures chartered financial planners managing director Simon Webster says: “If an individual has been found guilty of a such an offence, it
has to call very seriously into question whether or not he is a fit and proper person to work in financial services.”