Former Bank of America Merrill Lynch broker Andrew Osborne was today handed a £350,000 fine by the UK Financial Services Authority for disclosing inside information, despite claiming that the fine was "disproportionate" for what he claimed was, at worst, an "error of judgement",

The FSA today confirmed that it had fined Osborne, a former managing director in corporate broking at Bank of America Merrill Lynch, £350,000 for engaging in market abuse in relation to the disclosure of information regarding Punch Taverns.