TOP dealmaker Ian Hannam’s bid to overturn a £450,000 fine from the Financial Conduct Authority neared the end yesterday, with his lawyers saying his aims were perfectly proper.
Hannam, a former JP Morgan banker, was at the High Court to hear closing statements in his appeal over two counts of alleged market abuse, which he denies.
The Financial Conduct Authority has not questioned Hannam’s honesty, but has accused him of having a “relaxed and improper” attitude. "While it is not suggested that Mr Hannam intended to commit market abuse, his behaviour cannot be described as an entirely innocent breach,” the FCA said in its closing statement.
The regulator claims Hannam disclosed inside information in emails but Hannam’s lawyer Laurence Rabinowitz denied this, saying the information was not precise enough and would not have had a significant effect on price.