Private fund professionals face lots of rules and regulations that they must comply with or risk the wrath of the regulator. But be warned: unpaid travel tickets can also land you in hot water.
Jonathan Paul Burrows, managing director at Blackrock Asset Management, has been banned from working in finance by the UK’s securities watchdog the Financial Conduct Authority (FCA) for that very reason. Burrows was deemed “not fit and proper” by the FCA after being caught travelling without a valid ticket by rail staff in November.
“Approved persons must act with honesty and integrity at all times and, where they do not, we will take action,” said FCA director Tracey McDermott.
During police questioning, Burrows admitted to evading his rail fares on a number of occasions, according to a FCA statement. His scheme was to leave the station by “tapping out” using an Oyster Card, a maximum fare of £7.20, rather than purchasing the correct ticket for £21.50.
This artful dodger, who paid a £43,000 fine for his misbehavior, resigned from his post at BlackRock when news of the scandal broke.
The only consolation for Burrows is that he is not alone in losing his job over something foolish and avoidable. Last year, Anton Casey lost his job at wealth management firm Crossinvest Asia in Singapore having posted mocking posts about poor people on Facebook.