The FCA has published a final notice, issued to Paul Flowers, the former Chair of the Co-Operative Bank between 15 April 2010 and 5 June 2013, banning him from the financial services industry.
The FCA found that Mr Flowers’ conduct, during his time as chair, demonstrated a lack of fitness and propriety required to work in financial services. The FCA found that, while Chair, Mr 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 email 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.
Separately, HM Treasury published a press release announcing that it has directed the PRA to undertake an independent investigation into the prudential regulation of the Co-operative Bank by the FSA and the PRA between 2008 and 2013.
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