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LONDON – Regulators have been accused of not cracking down hard enough on bankers who manipulate the system. That can hardly be said in the case of Jonathan Paul Burrows.

British regulators have barred Mr. Burrows, who had been a managing director at BlackRock Asset Management Investor Services in London, from the financial industry for life for skimping on train fares over five years.

In documents issued on Thursday, the Financial Conduct Authority said Mr. Burrows could no longer perform any function in relation to any regulated activities because he “lacks honesty and integrity.”

“Burrows held a senior position within the financial services industry,” said Tracey McDermott, the authority’s director of enforcement and financial crime. “His conduct fell short of the standards we expect.”

Called the “great train robber” by The Daily Mail, Mr. Burrows was stopped on Nov. 19, 2013, at the exit gates of the Cannon Street Station in London for not buying a ticket while traveling on a Southeastern commuter train to London from East Sussex. Mr. Burrows boarded the train at Stonegate — a station with no turnstiles — without purchasing a ticket. After arriving at Cannon Street, he would normally be required to scan a ticket to exit, but instead he used a so-called Oyster travel card and paid the maximum fare for a trip within London — £7.20 — compared with the £21.50 fare from Stonegate. The low amount raised the suspicions of a fare officer. Mr. Burrows admitted to not paying the full fare, and officials at Southeastern decided to investigate further. They discovered that he had not bought a season ticket since 2009.

“Obviously that caused a few alarm bells to ring,” said a Southeastern spokeswoman, Michelle Ulyatt.

Mr. Burrows proposed to settle the matter out of court, which all travelers confronted with infractions are permitted to do. Ms. Ulyatt said she thought the reason was the sensitive nature of his job. “He would be fretful if he got a criminal record,” she said. “He wouldn’t be able to do his job.”

She said he denied having dodged fares for five years but paid £43,000, or $67,200, in March, the biggest fare-dodging case the train company had ever seen. Ms. Ulyatt said Southeastern could have sought more than £50,000 in unpaid fees but opted for the settlement to save taxpayers the legal fees from a court fight.

The Financial Conduct Authority noticed media reports about the settlement and started its own investigation.

Mr. Burrows admitted that he had evaded his rail fares on a number of occasions and said he knew that he was breaking the law. According to the authority, he had not mentioned the fare evasion to his employer.

Through a spokesman, Mr. Burrows said: “I have always recognized that what I did was foolish. I have apologized to all concerned and reiterate that apology publicly today.”

He said the settlement he had made with Southeastern was “for an amount significantly in excess of the value of the fares not paid by me on the small number of occasions that I failed to pay.”

“While I respect the F.C.A.’s decision today,” he added, “I also regret it, coming as it did after a 20-year career in the City that was without blemish.”

A spokeswoman for BlackRock said that Mr. Burrows left the firm this year. “What he admitted to the F.C.A. is totally contrary to our values and principles,” she said in a statement.

It is unclear why Mr. Burrows, who worked in the rates strategies team at BlackRock, evaded the train fares. Property records indicate that in 2012, Mr. Burrows sought planning permission for a house called Battenhurst near Stonegate village, about an hour and a half from London. The 2011 price tag for the house, which is surrounded by lush country, a pond and tennis courts, was £2.73 million. As a managing director, Mr. Burrows would have been close to the top of the financial services ladder.

This is the only fare-dodging case the authority has brought since it became responsible in April 2013 for the conduct supervision of all regulated financial firms.