Bankers and Hedge Fund Managers: 82% Believe FCA Fails to Balance Investor Protection and Growth Promotion (Photo: Reuters)
FCA Bans Senior BGC Broker Tony Verrier from Financial Services on ‘Poaching Spree’

The Financial Conduct Authority has banned one of London's most senior brokers from the financial services industry after he orchestrated an "unlawful" poaching spree from a rival firm.

Since May 2012, the FCA aimed to ban former senior executive at brokerage BGC Anthony "Tony" Verrier who had quit broker Tullett Prebon and went on a poaching spree there, after joining rivals BGC Partners.

The FCA ruled that he is not a fit and proper person due to concerns over his integrity.

"Verrier held a senior position within the financial services industry. He should have been a role model for others," said Tracey McDermott, the FCA's director of enforcement and financial crime.

"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."

In a statement, the regulator said Verrier originally referred the matter to the Upper Tribunal (Tax and Chancery Chambers) in April 2012.

However, he recently decided to withdraw his reference and the FCA's decision is based on the High Court's findings in Tullett Prebon and two others v BGC Brokers and 13 others.

As the Court of Appeal summarised in Tullett Prebon v BGC Brokers [2011]: "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, Verrier stuck to the truth where he was able to, but departed from it with equanimity and adroitness where the truth was inconvenient."