FSA fines City analysts pounds 20,000
Friday 19 November 1999
Derek Reed and Martin Murch were yesterday expelled from the Securities and Futures Authorities' register and ordered to pay pounds 20,000 costs over their handling of information given to them prior to a profits warning by Caradon, the building materials group, in 1995. Mr Reed and Mr Murch, who at the time were analysts at Robert Fleming, the securities firm, but now work for WestLB Panmure, downgraded their forecasts in the light of the information. However, the FSA noted, they did not profit personally from the information and, in view of the time that has elapsed, will not stand in their way if they reapply for registration.
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