Any anxiety that we may have had about going down a regulatory road which followed the footsteps of the FSA model shall not be allayed by the case of Sean Pignatelli, an equity salesman who was dismissed for serious misconduct and fined £20,000 by the FSA, for nearly passing on insider information. It was reported in the Financial Times 24th November 2006 that Mr Pignatelli did not in fact pass on any insider information and had neither thought that he possessed such information nor had deliberately sought to give the impression that he was passing on insider information. Nevertheless, by passing on information with the advice “keep it to yourself ….don’t want to get into any trouble, erm …just a heads up ahead of tomorrow’s analyst meeting”, Mr Pignatelli committed the offence of sounding as though he was passing on insider information. Worse than that, the FSA found that Mr Pignatelli had failed to consider whether or not the information he was passing on was insider information and that he should have discussed this with his financial services regulatory compliance department, and had failed to do so. The fact that the information which Mr Pignatelli had passed on was not in fact insider information did not seem to assist his cause to any extent. One wonders what the FSA and Mr Pignatelli’s employers would have done to him if he had actually passed on any insider information.