Disgraced ex-bank boss banned from sector

Disgraced former Co-operative Bank boss Paul Flowers has been banned from the financial services industry by the City watchdog.

Mr Flowers was chairman of Co-op Bank between 2010 and 2013, overseeing its near collapse after revealing a £1.5 billion black hole in its accounts.

He was forced to step down amid allegations he bought and used illegal drugs, as well as claiming inappropriate expenses.

The Financial Conduct Authority said yesterday that Mr Flowers’ conduct demonstrated a “lack of fitness and propriety” required to work in financial services.

Mr Flowers demonstrated an “unwillingness to comply” with its and other legal, regula- 0 Paul Flowers called chat lines on his work phone tory and professional requirements and standards, the FCA said.

Its investigation showed that 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.