Ian Hannam, the former JP Morgan Cazenove banker challenging a £450,000 FSA fine for market abuse, has described his behaviour during the events that sparked the regulator's charge and penalty as "acceptable".

The former chairman of capital markets at JP Morgan Cazenove was fined in April last year by the Financial Services Authority - now disbanded - for two instances of market abuse, concerning emails that he sent in September and October 2008, which the regulator said at the time contained inside information about Heritage Oil, a client of the bank and Hannam.