LONDON Jan 29 Britain's financial regulator has
banned one of London's most prominent money market brokers from
ever working in the UK financial services industry after he
poached staff from Tullett Prebon when he joined rival
The Financial Conduct Authority had banned former BGC
executive Anthony Verrier back in 2012 after a High Court case
between BGC and Tullett Prebon raised concerns about his
Verrier recently dropped his appeal against the lifetime
ban, the FCA said.
The Financial Conduct Authority (FCA), created last April
after its predecessor was abolished, has continued to crack down
on market conduct with fines and bans in an effort to deter
dishonest and unscrupulous behaviour in an industry dogged by
The High Court ruled in 2010 that BGC, its president Shaun
Lynn and Verrier, had conspired to induce 10 Tullett brokers to
defect to their firm. Verrier had joined BGC from Tullett a year
The judge agreed with Tullett's claims that Verrier and Lynn
used sham constructive dismissal claims to deliver Tullett
employees to BGC earlier than they would have been entitled to
under their Tullett contracts.
The scale of BGC's raid on Tullett and the well-documented
animosity between Tullett Chief Executive Terry Smith and
Verrier drew widespread interest to the case at the time.
The High Court found that "Verrier stuck to the truth where
he was able to, but departed from it with equanimity and
adroitness where the truth was inconvenient".
Verrier was also found to have lost or disposed of eight
Blackberrys to cover his tracks in the 12 months he was trying
to poach Tullett brokers.
Interdealer brokers match buyers and sellers of currencies,
bonds and swaps in a fiercely competitive market. Several
long-running feuds have in the past erupted between the major
players in the industry, over issues such as poaching and patent
Commenting on the ban, Tracey McDermott, the FCA's director
of enforcement and financial crime, said Verrier 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," she added.