FCA bans former Co-op Bank Chair Paul Flowers

Flowers was Chair of Co-op Bank between 15 April 2010 and 5 June 2013.

An FCA investigation found that whilst in that role he called premium rate chat lines and used his work email account to send and receive inappropriate messages in breach of Co-op policies, despite having been previously warned about earlier misconduct.

In addition, after stepping down as Chair, Flowers was convicted for possession of illegal drugs.

The FCA says Flowers "has demonstrated an unwillingness to comply not only with the FCA’s requirements and standards but also with other legal, regulatory and professional requirements".

Mark Steward, executive director of enforcement and market oversight at the FCA, said: “The role of Chair occupies a unique place of trust and influence. The Chair is pivotal in setting expectations of a company’s culture, values and behaviours.

“Mr Flowers failed in his duty to lead by example and to meet the high standards of integrity and probity demanded by the role. These high standards are what the financial services industry and the wider community rightly expect of its senior individuals. Where a Chair, or other senior individual, fails to discharge these standards the FCA will hold them to account.”