The Financial Conduct Authority has banned former Schroders trader Damian Clarke from working in the financial services industry.
The ban comes a year after Clarke was given a two year prison sentence last June for nine counts of insider dealing.
Clarke worked for Schroders between 2000 and 2013, initially as an assistant fund manager, and as a trader from 2006.
He received inside information about significant corporate events, and made trades in his and family members’ names over nine years between 2003 and 2012.
The former-trader was never charged or accused of using information for Schroders’ benefit.
He pleaded guilty to seven counts in July 2015 and to the remaining two on 15 March. Total profits made from this amounted to “at least £155,161”, according to the FCA.
laura.miller@ft.com
