Blackrock’s Jonathan Burrows: The FCA has “more profound wrongdoing than mine” to investigate

Former Blackrock managing director Jonathan Burrows – who was today banned from working in the regulated financial industry – has said the Financial Conduct Authority (FCA) has "more profound wrongdoing than mine" to deal with. 

 

Burrows was unmasked this summer as the serial train fare dodger whose actions cost him a £43,000 settlement and earned him the nickname the Artful Dodger.

 

Although he resigned from his senior position at Blackrock in August, the FCA revealed today that it was banning Burrows from performing “any function in relation to any regulated activities”. The FCA's director of enforcement Tracey McDermott said his conduct “fell short of the standards we expect”. 

 

Burrows this afternoon issued a statement in response, saying he had “always recognised that what I did was foolish”. 

 

“I have apologised to all concerned and reiterate that apology publicly today,” he said. 

 

Burrows added: “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.”

 

The former executive also sought to clarify the settlement, saying it was “for an amount significantly in excess of the value of the fares not paid by me on the small number of occasions that I failed to pay”. 

 

Burrows said: “Indeed the size of the settlement could be said to have led to a distorted perception of the scale of my wrong-doing. However, that does not change the fact that what I did was wrong, and I accept that.

 

“In view of this, I have been told by the British Transport Police that they do not regard it as being in the public interest to pursue a case against me.”