The arrest, which happened on Tuesday 22 January, was one of five instigated by the FSA that day with help from police forces in the City of London, East Midlands and North of England.
The five individuals held in custody following the action included two men aged 37 and 62 and three women aged 39, 51 and 63.
Schroders released a statement after reports alleged one of the suspects was employed by the company.
“The individual has been suspended with immediate effect. The FSA has informed us that the allegations relate entirely to this individual’s personal actions. Schroders is not subject to any investigation. There is no indication of any detrimental impact on our clients or financial results.”
The regulator could not confirm Schroders was not subject to any investigation as it was confined to the content of an earlier statement, which said no further details could be confirmed at this time and that no individuals had been charged.
A spokesperson for the City watchdog said these investigations could sometimes take years, with a charge just brought against some alleged insider dealers now on an investigation started two years ago.
Only at the prosecution stage, when individuals have been charged, will the FSA release the names of those concerned. But it said the criminal offence of insider dealing was punishable by a find or up to seven years’ imprisonment.
