Banker Who Dodged His Train Fares Is Banned From The City
A senior director at asset management firm BlackRock Inc. has been banned from working in financial services after regularly skipping a £21.50 train fare from East Sussex to London.
Jonathan Paul Burrows admitted he "deliberately and knowingly" failed to pay his train fare, despite allegedly owning a sports car and two mortgage-free properties in East Sussex.
The Financial Conduct Authority launched an investigation into Jonathan Paul Burrows after a ticket inspector at Canon Street station questioned gaps in his Oystercard history.
The regulatory body has banned Burrows from the financial sector so as "to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of the UK financial system."
Burrows and Southeastern Railway reached a settlement worth £42,550 in March this year, leading to claims that the dodged fares were worth a similar sum. But Burrows told Sky News the settlement was "significantly in excess of the value of the fares" and that there were only a "small number of occasions" when he failed to pay.
"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," he said.
"I recognise that the FCA has on its plate more profound wrongdoing than mine in the financial services sector, and I'm sorry that my case has taken up its time at this critical juncture for the future of the City and its reputation."
Burrows has attracted a storm of criticism on social media, though people closer to the City are more sympathetic.
"It's a tough ruling," said a source from one of Britain's biggest banks. "But nothing is as important as maintaining ethical standards."
According to the FCA, Burrows was walking into the station at Stonegate, East Sussex, which does not have ticket barriers, and tapping out in London using his Oystercard.
The practice saved him £14.30 a day, because he substituted a full train fare for the maximum Oystercard fee of £7.20. The ticket inspector at Canonn Street flagged up the recurring incomplete journeys.
In 2012 train companies came under fire for their draconian inspection regime, when consumer body Passenger Focus said 13% of their complaint correspondence was with passengers who had been wrongly fined.
Head of policy at Passenger Focus, Mike Hewitson, asked whether inspection measures were being exploited as a source of revenue for struggling train companies. Similar questions have been raised about Southeastern Railway's decision to accept a settlement rather than proceed to court.
Southeastern defended the outcome: "We believe that the actions that we took were in the best interests of our passengers and taxpayers by giving us the best opportunity to recover a substantial sum in respect of the allegation."
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