FCA bans fund manager from financial services industry after £42,550 train ticket dodge

The London banker has reportedly failed to pay a total of £42,550 in ticket fees. The Financial Conduct Authority (FCA) discovered that Burrows had avoided his train fare from Stonegate in East Sussex by boarding the train at a rural station with no barriers, then simply swiping his Oyster card at cannon Street Station.

Ultimately, Burrows admitted to paying just £7.20, the maximum Oyster card fare, rather than the actual £21.50 fare.

He was caught by inspectors at Cannon Street last year and has since had to pay back the full amount plus £450 in legal fees.

The FCA said: “Mr Burrows has admitted that, on a number of occasions, he deliberately and knowingly failed to purchase a valid ticket to cover his entire journey.

“As Mr Burrows held a senior position within the financial services industry and was an approved person, he should have been a role model for others and his conduct has fallen short of the standard expected for someone in his position.”

Burrows himself argued that banning him from his workplace was an unnecessary punishment. He added: “I have always recognised that what I did was foolish. I have apologised to all concerned and reiterate that apology publicly.

"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.

"I recognise that the FCA has on its plate more profound wrongdoing than mine in the financial services sector, and I am sorry that my case has taken up its time at this critical juncture for the future of the City and its reputation."