Request a Demo Today

Release Date: 22nd July 2014

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has issued a Final Notice confirming a financial penalty of £450,000 against Ian Hannam. This penalty follows the Upper Tribunal’s judgment which supported the FCA’s finding of market abuse involving Hannam. Specifically, he was found to have disclosed inside information outside the proper course of his employment through two emails sent on 9 September and 8 October 2008.

Tracey McDermott, the FCA’s director of Enforcement and Financial Crime, emphasised that this case, being long and complex, serves as a landmark judgement. It sends a clear message to the market that casual and uncontrolled distribution of inside information is unacceptable. McDermott highlighted the importance of controlling the flow of inside information as a fundamental measure to prevent market abuse.

Ian Hannam agreed not to contest the financial penalty imposed by the FCA. This case underlines Section 118(3) of the Financial Services and Markets Act 2000 (FSMA), which deems it market abuse for an insider to disclose inside information to another person, unless done in the proper course of their employment, profession, or duties.

This case acts as a stern reminder to all market participants of the critical need to handle inside information with the utmost care and adherence to regulatory standards. The FCA has positioned itself strongly against lapses in controlling sensitive information, aiming to protect market integrity. Firms and individuals alike are urged to reflect on this judgement and ensure rigorous compliance with market abuse regulations to avoid similar penalties and uphold the integrity of the UK financial markets.

Back to the Dear CEO letter archives.