The City watchdog has won a key case in its crusade to stamp out market malpractice after an independent tribunal backed its belief that market abuse does not have to involve deliberate intent.

Winterflood, a stockbroker, brought the case before the Financial Services and Markets Tribunal after the Financial Services Authority found last year that it played a “pivotal” role in illegal share ramping of Fundamental-E Investments (FEI), an Aim-listed company, in 2004.