City professionals are a priority target for the Financial Services Authority in its battle against insider dealing, the watchdog said this week.

The FSA has begun insider dealing prosecutions against two lawyers who had worked in the London offices of US law firms.

According to court papers, Andrew Rimmington, formerly a partner at Dorsey & Whitney, and Michael McFall, formerly a partner at McDermott Will & Emery, are accused of insider dealing when pharmaceutical company NeuTec Pharma was taken over by Novartis in 2006.

Dorsey and McDermott said they did not provide legal advice on the takeover.

Rimmington and McFall will appear before London magistrates on 16 June, along with Peter King, former finance director at NeuTec.

An FSA spokeswoman said: ‘Our current strategy on insider dealing focuses on our priorities in this area which are City professionals, repeat offenders and insider dealing rings.’