FCA Bans Former BGC Senior Executive Due To The High Court’s Concerns Over His Fitness And Propriety

The FCA has published a final notice prohibiting inter-dealer broker Anthony Verrier, a former senior executive at BGC Brokers LP from performing any function relating to any regulated activity because it considers that he is not a fit and proper person due to concerns over his integrity.

The FCA based the facts and matters in the final notice on the High Court's findings in its judgment in the case of Tullett Prebon plc (and two others) v BGC Brokers LP (and 13 others, including Verrier), [2010] EWHC 484 (QB). Mr Verrier was found to have participated in an unlawful means conspiracy, the unlawful means including the inducement of certain Tullett brokers to breach their contracts of employment with Tullett by leaving early without lawful justification. Mr Verrier was originally a senior executive at Tullett, who had left to join BCG.

The case is unusual as it is the first time that the FCA has attempted to ban an individual based on a commercial court judge's...