JP Morgan Cazenove chairman quits over £450k FSA fine

Ian Hannam, the chairman of capital markets at JP Morgan Cazenove, has resigned after the FSA proposed to fine him £450,000 for market abuse.

Hannam said he has quit his post to avoid distracting his colleagues while he appeals the fine. He has referred the matter to the Upper Tribunal, where he and the FSA will each present their case and the Tribunal may uphold, vary or cancel the FSA's decision. In a Decision Notice issued on 27 February, the FSA said 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 JP Morgan client for which Hannam was the lead adviser. The September email ...