The U.K. Financial Conduct Authority banned Paul Flowers, Co-operative Bank Plc's chairman from mid-April 2010 to early June 2013, from the financial services industry after his conduct "demonstrated a lack of fitness and propriety required to work" in the sector.
British police arrested Flowers in November 2013 following the release of a video showing him purportedly buying illegal drugs. In April 2014, he was charged with possession of illegal drugs and pleaded guilty to the charges the following month.
The FCA also found that Flowers, while serving as Co-op Bank's chairman, used his work mobile phone to make inappropriate calls to a premium-rate chat line. Flowers also used his work email account to send and receive sexually explicit and other inappropriate messages as well as to discuss illegal drugs.
The regulator added that Flowers had continued with his misconduct despite warnings from Co-op Bank.
