By Simon Miller
JP Morgan Cazenove chairman of capital markets Ian Hannam has resigned following the publication of a Financial Services Authority's (FSA) decision to fine him £450,000 for market abuses.
Minutes after the publication, JP Morgan announced his resignation to staff in an email.
A decision notice dated 27 February notes that the FSA indicated that it would fine Hannam for two instances of market abuse where he disclosed information about JP Margan client Heritage Oil in two emails to a prospective client.
An email sent in September 2008 contained information about a potential offer for Heritage and while a following October email contained information about a new oil find by Heritage.
Hannam deisputes the findings and has referred the matter to the Upper Tribunal where he and the FSA will each present their case. The Tribunal will then determine the appropriate action for the FSA to take. The Tribunal may uphold, vary or cancel the FSA’s decision.
In a statement, Hannam commented: "I am appealing a decision notice issued by the FSA today and have consequently decided to resign from JP Morgan."
He continued: "I will complete my current client commitments and ensure a smooth handover of responsibilities. Appealing the case while still at the firm would be an unfair distraction to my clients and colleagues."