For the first time, an investment bank has been fined for violating UK Listing Authority rules after failing to notify the regulator of a mass departure of staff to a rival.

The Financial Conduct Authority has fined Execution Noble & Company Limited, the UK legal entity of Portuguese lender Banco Espírito Santo's investment bank, £231,000 for failing to inform the regulator that "two-thirds of its sponsor team" had left between June and November 2013, a period during which it continued to market its services, according to the statement from the FCA on Tuesday