FCA fines former NED for inside information disclosure

FCA has fined Sir Christopher Gent, former NED of ConvaTec Group, £80,000 for disclosing inside information to individuals in senior positions in two of the company’s major shareholders in advance of its announcement to the market.  FCA says that given his training and experience, Sir Christopher should have realised the inforamtion may have been inside information and that it was not within the normal exercise of his employment to disclose it, and that therefore he acted negligently in doing so. There is no evidence that he traded on the information or intended to make a personal gain or avoid a loss from the disclosure, but FCA considered that the private disclosure of information such as this risks investor confidence and the integrity of financial markets.

Emma Radmore