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flowers misconduct leads to financial services ban March 6, 2018

Posted by Bradley in : regulation , trackback

The Financial Conduct Authority banned Paul Flowers, ex Chair of the Co-Operative Bank, from the financial services industry. I’m not sure whether this decision reinforces confidence in the FCA’s approach to policing misconduct or not. The Final Notice singles out his inappropriate use of his work telephone and email accounts to call chat lines and send and receive inappropriate messages (including sexually explicit messages) and his conviction for possession of illegal drugs. And the notice states:

The misconduct…. occurred notwithstanding that Mr Flowers had agreed to uphold high standards, as the Chair of Co-op Bank, as an Approved Person and as a Methodist Minister. Mr Flowers has demonstrated through his actions that he lacks the readiness and willingness to comply with standards to which he is subject, including those of the regulatory system. As such, he lacks the fitness and propriety required to operate in the financial services industry.

It may be that a Methodist Minister would appear by virtue of that status to be more trustworthy than a non-Minister, thus disappointment about moral and legal failings may be greater. But I am not sure why this belongs in the final notice.


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