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JP Morgan Cazenove capital markets chair resigns after FSA fine

JP Morgan Cazenove chairman of capital markets Ian Hannam has resigned after the FSA decided to fine him for market abuse.

The regulator published the decision to fine Hannam £450,000 yesterday.

The FSA says Hannam disclosed inside information in two emails sent in September and October 2008 to a prospective client. The emails contained inside information relating to Heritage Oil Plc, an existing J P Morgan client for which Hannam was the lead adviser. 

Hannam has referred the matter to the Upper Tribunal where he and the FSA will each present their case. The Tribunal will then determine the appropriate action for the FSA to take.

According to the Telegraph, former Tory leadership candidate David Davis has backed Hannam in his bid to fight the charge.

He said: “I really can’t find where the common sense charge is. There has been no benefit, no loss, no trade,

“To destroy someone’s career just to extend the law about what is considered insider information is beyond what is reasonable. You don’t try to convict people and then make it law. The FSA… have turned to scalp-taking missions.”



FSA may bypass Europe in FSCS funding review

The FSA says it may push ahead with its review of the Financial Services Compensation Scheme’s funding model before European directives on compensation schemes are agreed if delays continue. The regulator’s 2012/13 business plan, published last month, says it aims to complete its FSCS funding review by the end of September. The review was delayed […]


Cathi Harrison: Avoid blurring line between advice and paraplanning

Advice firms that use paraplanners should be careful not to blur the line between paraplanning and advice, according to Para-Sols owner Cathi Harrison. At the Money Marketing RDR invitational in London, Harrison gave the example of an adviser using a panel of funds, where the paraplanner looks at a client’s asset allocation and finds they […]


FSA unauthorised business probe leads to one arrest

A man has been arrested as part of an FSA investigation into a suspected unauthorised foreign exchange trading scheme. With the City of London Police, the FSA executed a search warrant today at an address in East London. A 23-year old man was arrested on suspicion of committing offences under the Financial Services and Markets […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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