The Financial Conduct Authority has charged Damian Frank Clarke, a former equities trader at Schroders Investment Management Limited, with 9 counts of insider dealing.

The 38-year-old has been bailed to attend City of Westminster Magistrates Court on 4 July 2014.

The offences relate to trading in shares and spread bets between 30 October 2003 and 28 November 2012.

The regulator added in its announcement it has already secured 24 convictions in relation to insider dealing across the industry since 2009.

Insider trading occurs when an investor attempts to execute a transaction on the basis of market-moving, non-public information they have received as part of their role.