Steven Harrison has agreed not to act as fund manager or trader for a year after he acted on inside information he received while a portfolio manager for Moore Credit Fund. FSA has also fined him £52,000. Mr Harrison received what he now accepts was inside information about a refinancing. He told a colleague to buy notes which it subsequently sold at a profit of around 44,000 when the company in question called them in. Margaret Cole said Mr Harrison’s conduct was not deliberate and he made no personal profit. However, she noted hedge fund managers will often legitimately receive inside information and should not take advantage of their position when they do so. FSA would have fined Mr Harrison more had he not agreed the significant restriction on his activities. The agreement includes Mr Harrison not carrying on any controlled functions for any firm, or a range of customer, trading and research activities over the agreed 12 months.