FSA has fined a former trading desk manager £20,000 for failing to keep proper standards of market conduct. Mark Lockwood was trading desk manager at a retail broking firm. At the time he held the investment adviser controlled function. He did not recognise or report as suspicious dealings with a client in shares of a company ahead of an announcement by the company of a placing. He knew about the transaction and FSA said there were enough warning signs from the client. Because he did not alert his firm, or make an SAR, FSA would not have known of the insider dealing had another firm not made a report. FSA accepted Mr Lockwood had not formed a suspicion, but Margaret Cole said the case emphasised the importance of the SAR regime.