City broker Tony Verrier drops opposition to lifetime FCA ban

One of the City's most senior money market brokers, Tony Verrier, has dropped his opposition to a lifetime ban that financial regulators have been trying to impose since 2012.

The ban is based on a court ruling that found Verrier – who lost or disposed of eight BlackBerrys in the space of a year – had been involved in attempting to hire 13 brokers from Tullett Prebon after he quit to join rival BGC Partners.

No one at BGC commented but the Financial Conduct Authority said Verrier believed he had done nothing to justify the action being made against him.

Even so the FCA said the ban was being imposed because he "is not a fit and proper person due to concerns over his integrity" and said he had recently dropped his appeal against the ruling.

The high court found Verrier had deliberately lost the BlackBerrys because they may contain "inconvenient material" and that Verrier "stuck to the truth where he was able to, but departed from it with equanimity and adroitness where the truth was inconvenient".

Because of these findings the FCA has banned him from working in the financial services industry. He resigned from Tullett Prebon in August 2008 and joined BGC on 5 January 2009 as the number two in the company.

The FCA's director of enforcement and financial crime, Tracey McDermott, said: "Verrier held a senior position within the financial services industry. He should have been a role model for others. The judge's findings about his conduct made it clear he fell far short of that. Trust will not be restored in financial services unless professionals within it can be relied upon to act with integrity".

Powered by article was written by Jill Treanor, for on Wednesday 29th January 2014 13.15 Europe/London © Guardian News and Media Limited 2010


image: © Sophie Schieli

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