Mr Flowers was chair 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 on Tuesday 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, regulatory and professional requirements and standards, the FCA said.
Its probe 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.
In addition, he used his work email account to send and receive “sexually explicit and otherwise inappropriate messages, and to discuss illegal drugs”, the FCA added, despite having been previously warned about his earlier misconduct.
In a damning statement, the watchdog said it believes Mr Flowers’ disregard for the standards he is expected to meet demonstrates a “lack of integrity” and that any future involvement by Mr Flowers in the financial services industry risks “undermining consumer and market confidence”.
Mark Steward, executive director of enforcement and market oversight, said: “Mr Flowers failed in his duty to lead by example and to meet the high standards of integrity and probity…
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