The FCA has banned former Blackrock Asset Management managing director Jonathan Burrows for dodging £43,000 in rail fares.
The regulator found Burrows is not a fit and proper person and has banned him from performing any function in relation to any regulated activities.
FCA director of enforcement and financial crime Tracey McDermott says: “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.”
Burrows quit BlackRock in August after being found to have dodged £43,000 in train fares over a five-year period.
He avoided the £21.50 fare from Sussex to London by using his Oyster card to pay just £7.20 a day.
The FCA says on 19 November 2013, 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 whilst travelling on the Southeastern train service from Stonegate railway station.
There are no ticket barriers at Stonegate and Burrows used his Oyster card to tap out at Cannon Street, paying the £7.20 maximum fare.
Burrows was interviewed under caution and admitted to evading his rail fares on a number of occasions.
He 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.
Burrows also admitted in the interview that he did not disclose his behaviour to his employer. The FCA says it took this into account in deciding what action to take.
Burrows says: “I have always recognised that what I did was foolish. I have apologised to all concerned and reiterate that apology publicly today.
“The settlement I made with Southeastern in March 2014 was for an amount significantly in excess of the value of the fares not paid by me on the small number of occasions that I failed to pay. Indeed the size of the settlement could be said to have led to a distorted perception of the scale of my wrong-doing. However, that does not change the fact that what I did was wrong, and I accept that.
“In view of this, I have been told by the British Transport Police that they do not regard it as being in the public interest to pursue a case against me.
“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.”