In
the column, the CISI argued that the lifetime ban imposed by the Financial Conduct Authority on Jonathan Burrows, a former managing director with BlackRock, on working in financial services after train fare evasion over a five-year period, was disproportionate.
CISI Chief Executive Simon Culhane, Chartered FCSI, said: “We accept that the view expressed in the article is not shared by all members and we should have made it clearer that this was an opinion piece rather than official CISI policy.
“However, readers may not have been fully aware of all the facts which were not then in the public domain. As a result of this article, Mr Burrows released a statement which
The Times and
City AM covered fully and which painted a very different picture. The statement explained that Mr Burrows rented a flat and lived in London for five years,
returning home at weekends. It is likely the amount evaded over a five-year
period was in the region of hundreds of pounds.
“As detailed in the City view column, we applauded the regulator for calling Mr Burrows to account and for making it publicly clear that financial services professionals cannot pick and choose when to behave ethically. However, despite accepting his guilt and a hefty financial penalty of £43,000, it was the imposition of the life ban which the author felt was disproportionate.”