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Former Co-operative Bank chair banned from the financial services industry

Jaclyn Jaeger | March 6, 2018

The U.K. Financial Conduct Authority (FCA) has banned the former chair of Co-operative Bank (Co-op Bank), Paul Flowers, from the financial services industry.

Flowers was chair of Co-op Bank between 15 April 2010 and 5 June 2013. The FCA found that Flowers’ conduct demonstrated a lack of fitness and propriety required to work in financial services.

The FCA found that, while chair, Flowers used his work mobile telephone to make a number of inappropriate telephone calls to a premium rate chat line, in breach of Co-op Group and Co-op Bank policies; and used his work e-mail account to send and receive sexually explicit and otherwise inappropriate messages, and to discuss illegal drugs, in breach of Co-op Group and Co-op Bank policies despite having been previously warned about his earlier misconduct. In addition, after stepping down as chair, Flowers was convicted for possession of illegal drugs.

“The role of chair occupies a unique place of trust and influence. The...

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