City executive who racked up £43,000 in unpaid train tickets banned from financial industry - Makes what is going on in factoring even more......

Jonathan Burrows, who is thought to have carried out the ruse despite earning £1 million a year, was banned by regulators for 'not being fit and proper' 

 The banker still got away without going to jail

 Tracey McDermott, FCA director of enforcement and financial crime, said: "Burrows held a senior position within the financial services industry. His actions fell short of the standards we expect.

"Approved persons must act with honesty and integrity at all times and, where they do not, we will take action."

He was eventually caught in November last year by a ticket inspector standing next to the barriers and was able to pay the £42,550 in dodged fares and £450 in legal costs within three days as part of an out-of-court settlement with rail firm Southeastern.

The FCA said Mr Burrows admitted in an interview to evading his train fare on a number of occasions and had done so in the knowledge he had been breaking the law.

He had also admitted that he did not disclose his behaviour to his employer.

This makes the present situation in asset based lending laugherable as there is clear evidence of systematic fraud by a number of factoring companies with a member of staff at Close Brothers admitting that the only reason that Close apply fees is to defraud HMRC.

Metro Bank needs to carry out a full investigation of the historical behaviour of their factoring division urgently

http://www.mirror.co.uk/news/uk-news/britains-worst-fare-dodger-city-4814472