MP criticised for taking donation from banker
THE town’s MP has defended her stance in accepting a donation from a disgraced top City banker to help run her constituency.
Amber Rudd was criticised this week in the satirical and current affairs magazine Private Eye over her links with Ian Hannam, a banker who resigned from JP Morgan last April after being fined £450,000 by the Financial Services Authority (FSA) for market abuse related to passing on insider information.
In Private Eye Ms Rudd is said to have taken £5,000 from Mr Hannam last year as a donation but on www.theyworkforyou.com, which publishes MPs’ interests, voting habits and expenses, the figure is £2,500.
The donation was registered on January 17.
The Hastings MP said she had known Mr Hannam and his wife for many years as she used to work as a banker with him at JP Morgan.
She added: “I would always disclose any donations I receive for my campaign in accordance with the law.
“Ian and his wife are good friends of mine and they wanted to give £2,500 towards my campaign. I am very grateful to them.”
Mr Hannam was fined for relaying inside information about JP Morgan’s client Heritage Oil to another contact in 2008, even though the watchdog said he had not acted dishonestly.
But the FSA said the investment banker’s failings were serious enough for him to be fined because of his senior position and the risk of insider dealing.
Many in the City backed Mr Hannam, including David Davis, the former Tory leadership candidate, criticising the FSA’s stance.
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Sunday 19 May 2013
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