It is not always true to say that final notices published by the Financial Services Authority make interesting – let alone entertaining – reading. But two recent enforcement cases by the regulator focusing on market conduct around wall crossing have caught the attention of the City of London.

Peter Bevan, a partner at law firm Linklaters, said: "The FSA is putting a lot of energy into cleaning up the market, and we're starting to see the impact of that with these enforcement actions. Everyone is looking again at their protocols around wall crossing."