Crackdown on London market abuse claims major scalp

A crackdown on market abuse by Britain’s financial watchdog that this week claimed a big name banker has sent a shudder through the City of London.

From senior managers to the junior ranks, bankers are now wary that every casual aside in an email or mobile phone exchange could face scrutiny by the Financial Services Authority.

This was brought home this week after the FSA fined JP Morgan banker Ian Hannam, a prominent dealmaker, £450,000 (€539,723) for passing on inside information in emails.