By Jonathan Davies

The London banker who avoided train fares totalling more than £40,000 has been banned from working in The City.

BlackRock director Jonathan Paul Burrows was caught by inspectors at Cannon Street Station last year and admitted to not paying the £21.50 fare from Stonegate in East Sussex to London.

It is believed that Burrows avoided paying fares totalling £42,550 over a number of years.

The City regulator, the Financial Conduct Authority (FCA), said he "demonstrated a lack of honesty and integrity".

"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," the Financial Conduct Authority (FCA) said.

"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."

Reacting to the ruling, Burrows said: "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."

He has since paid back the £42,000 and legal costs.

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