Mortgage News
City slicker exits firm after £43k fare-dodge scheme
An employee for asset management firm BlackRock has left the group after being found to have avoided £43,000 in train fares over the past five years.
The employee, named by national newspapers this weekend as Jonathan Burrows, was subject of a Financial Conduct Authority ‘fit and proper person’ probe as a result of his actions.
That followed reports earlier this year of an unnamed man using an Oyster card loophole to avoid paying the full fare on his daily commute between East Sussex and London.
The passenger then settled out of court in order to protect his identity, agreeing to pay £43,000, before the FCA became involved.
He reportedly told his bosses that the regulator had become involved, prompting an immediate suspension, before subsequently resigning. His departure from the industry means the FCA investigation has been dropped.
“Jonathan Burrows has left BlackRock. What he is alleged to have done is totally contrary to our values and principles,” the group said in a statement.
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