FCA fines and bans adviser for insider dealing
The Financial Conduct Authority (FCA) has fined Neil Sedgwick Dwane £100,281 and banned him from working in UK financial services for insider dealing. In 2022, while working as an adviser to ITM Power Plc, Dwane used inside information about a forthcoming market announcement to sell 125,000 shares worth £124,287 the day before the announcement. He later repurchased 180,000 shares worth £140,700 after the share price fell by approximately 37%, making a profit of £26,575 from the price difference. Dwane also failed to obtain ITM's required permission before dealing in its shares. The FCA stated that the penalty reflects a 30% discount under its Stage 1 settlement procedures; without the discount, the fine would have been £126,575 plus interest on the £26,575 profit obtained.