The Financial Services Authority has carried out one of its highest-profile censures to date in its clampdown on market abuse with a £450,000 fine for JP Morgan Cazenove’s global chairman of equity capital markets.

Ian Hannam, who has been associated with the firm for two decades, has appealed the fine to the Upper Tribunal, where it could be either upheld, varied or cancelled. However, describing his appeal as an "unfair distraction" to clients and colleagues, he has resigned from the bank.