By Simon Miller
The Financial Services Authority (FSA) has banned a senior executive at BGC Brokers from performing any regulated activity in the financial services industry.
In a decition notice, the regulator said it believed BGC executive Anthony Verrier was not a "fit and proper person due to concerns over his honesty, integrity and reputation" as a result of the High Court's findings in Tullet Prebon v BGC Brokers. where Verrier was found to have commited unlawful means conspiracy.
At the time, the Court of Appeal summarised: "Mr Verrier was found [by the High Court] to have participated in an unlawful means conspiracy, the unlawful means including the inducement of the broker defendants to breach their contracts of employment with Tullett by leaving early without lawful justification.”
The High Court also “found that in [Verrier’s] evidence Mr Verrier stuck to the truth where he was able to, but departed from it with equanimity and adroitness where the truth was inconvenient".
As a result, the FSA said: "Given these findings by the High Court—as well as a number of its other findings and comments concerning Verrier’s behaviour during the trial—the FSA decided that Verrier should be banned from working in the financial services industry."
Tracey McDermott, the FSA’s acting director of enforcement and financial crime, commented: “One of our fundamental requirements for approved persons is that they must act with honesty and integrity. This is to ensure not only that their customers and clients are treated properly but also that the regulator can have trust and confidence in what we are being told about the way businesses are being run."
Verrier has referred the ruling to the Upper Tribunal which will determine whether the order shoud be upheld.