Equities  

Ex-Schroders trader charged with insider dealing

Damian Frank Clarke, a 38-year-old former equities trader at Schroders Investment Management Limited, has been charged with nine counts of insider dealing.

The offences relate to trading in shares and spread bets between 30 October 2003 and 28 November 2012.

Mr Clarke has been bailed to attend City of Westminster Magistrates Court on 4 July 2014.

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The FCA, and predecessor the Financial Services Authority, have secured 24 convictions in the past in relation to insider dealing.

In December 2013, FCA figures revealed a 40 per cent increase in reports by businesses of potential insider dealing.

According to the City watchdog, there were 739 reports made to the FCA in 2012, compared with 1,035 reports during the course of 2013.

Mark Spiers, head of wealth management at financial services regulatory consultancy Bovill, said that the increase may be partly down to investment banks and brokers becoming better at spotting insider trading.

He said that businesses have to make reports of any suspicious transactions as part of their regulatory obligations.

However, the suspicious transaction reports that relate to “the misuse of information”, or insider dealing, have increased rapidly over the last five years, Bovill research has found.