A partner at UK stockbroker Cazenove has been charged with insider dealing by the British financial regulator.

The Financial Services Authority (FSA) made the move yesterday, in only its second such charge since it was empowered to make them in 2004.

Malcolm Calvert, the trader in question, retired in 2000 – and stands accused of profiting from inside information he had of takeovers which had not yet made it into the public realm.

The trader had gained the foreknowledge due to Cazenove being involved in these deals.

It is alleged that Mr Calvert, 63, passed on the insider information to a friend, who then executed the trades in return for one-third of the profits.

The case will now pass in to Britain’s Crown Court system, with proceedings adjourned until September.

Cazenove is renowned in the UK for being the stockbroker which looks after the share portfolio of the Queen.