The Financial Conduct Authority (FCA) has banned Anthony Verrier (a former senior executive at BGC) from performing any function in relation to any regulated activity in the financial services industry. The FCA found that Verrier is not a fit and proper person due to concerns over his integrity.
Verrier referred the matter to the Upper Tribunal (Tax and Chancery Chambers) in April 2012 but recently decided to withdraw his reference.
Tracey McDermott, the FCA's director of enforcement and financial crime, 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.
"Where we have evidence of failures to do so, in whatever context this occurs, the FCA will take action accordingly."
The FCA based its decision on the High Court’s findings in Tullett Prebon plc (and two others) v BGC Brokers LP (and 13 others, including Verrier), [2010] EWHC 484 (QB). As the Court of Appeal summarised in Tullett Prebon plc & Ors v BGC Brokers LP & Ors, [2011] EWCA Civ 131: "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."
Notably, 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."
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 FCA has banned Verrier from working in the financial services industry.
Notes for editors
- The Final Notice for Anthony Verrier.
- On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.