FCA bans and fines advisor

The FCA has banned an advisor working in ITM Power Plc over £100,000 and banned him. Neil Dwane knew the details of a planned market announcement, and used it to sell his and a family member’s shares the day before the announcement. The share price fell after the announcement and Mr Dwane then bought shares back, making over £25,000 from the price difference.

The FCA said Mr Dwane was required to get his employer’s permission before dealing and had not done so, and also that he knew his conduct was abusing a position of trust and amounted to insider dealing.