CISI hits out at 'disproportionate' FCA ban for ex-BlackRock fare dodger

clock • 1 min read

The chief executive of the Chartered Institute for Securities & Investment (CISI) has described the lifetime ban handed to former BlackRock executive Jonathan Burrows as ‘draconian'.

Burrows was handed the ban by the regulator in December after being found to have avoided fares for five years on his commute from East Sussex to London. The former BlackRock manager paid back £43,000 to Southeastern Trains following discovery of his fare dodging attempts, but it is the FCA ban which has attracted the CISI’s ire. Chief executive Simon Culhane argued Burrows should have been suspended, not banned, because his actions did not affect markets directly. “The penalty is more draconian than those handed to the LIBOR or interest-rate fixers, or those who peddled the toxic ...

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