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FSA looks to ban executive after High Court ruling

The FSA is seeking to ban a senior executive at brokerage BGC from working in financial services on the grounds he is not a fit and proper person.

The regulator has published a decision notice to ban Anthony Verrier due to concerns over his honesty, integrity and reputation.

Verrier has referred the decision to the Upper Tribunal.

The FSA says it has based its decision on the High Court’s findings in the case brought by rival brokerage Tullett Prebon against BGC Brokers LP and 13 other parties, including Verrier. 

In March 2010 Mr Justice Jack at the Royal Courts of Justice in London ruled BGC has unlawfully poached 10 brokers from Tullett to join BGC.

The regulator cites a judgment from the Court of Appeal case last year which states: “Mr 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.” 

The High Court also found that in his evidence “Mr Verrier stuck to the truth where he was able to, but departed from it with equanimity and adroitness where the truth was inconvenient.”

The FSA says given these findings, and other comments made about Verrier’s behaviour during the trial, it has decided Verrier should be banned from the financial services industry.

FSA acting director of enforcement and financial crime Tracey McDermott says: “One of our fundamental requirements for approved persons is they must act with honesty and integrity.  This is to ensure not only that their customers and clients are treated properly but also that the regulator can have trust and confidence in what we are being told about the way businesses are being run. 

“In light of the High Court’s findings about Verrier’s conduct, we have concluded he is not fit and proper to be in the UK financial services industry.”

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