The £1m-plus fine that the Financial Services Authority has handed down to illicit trader Samuel Kahn for market abuse shows that the regulator means business, but lawyers caution that more action is needed if the City is to take the message seriously.

Kahn's fine was the second largest fine ever for an individual case of market abuse and was welcomed by lawyers.

By handing out one of its largest-ever individual fines for illicit trading, the Financial Services Authority has shown it means business, but lawyers say more action is needed if the City is to take the message seriously

Vivek Ahuja

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