FSA has fined the former British ambassador to Peru and a friend of his a total of around £200,000 for market abuse. Richard Ralph, who was also executive chairman of Monterrico Metals plc which was listed on AIM, asked his friend to buy Monterrico shares on his behalf. He did so because he knew details of a planned takeover that were not public (although the fact of the takeover was), and because he knew he was not allowed to deal himself. He recklessly disclosed inside information about his intention to deal. Mr Ralph contacted FSA when it made enquiries into the trading. The level of fines included the total profits of the pair of around £40,000. Margaret Cole said FSA would have seriously considered taking criminal proceedings if the pair had not co-operated fully and come forward with information.