The UK Financial Conduct Authority (FCA) has fined Neil Sedgwick Dwane £100,281 for insider dealing and banned him from working in the UK financial services sector.

In 2022, Mr Dwane worked as an advisor for ITM Power Plc. Because of his role, Mr Dwane knew the details of an announcement ITM planned to make to the market on 27 October. Following that announcement, ITM’s share price fell by around 37%.

The day before the announcement, Mr Dwane used the inside information and sold his own and a family member’s 125,000 shares worth £124,287. He took advantage of the subsequent fall in ITM’s share price to purchase 180,000 shares worth £140,700, gaining £26,575 from the price difference.

The regulator notes that Mr Dwane is an experienced financial professional and knew his conduct amounted to insider dealing, abusing his position of trust.

Mr Dwane was required to obtain ITM’s permission before dealing in its shares, but he failed to do so.

Mr Dwane agreed to resolve this matter and qualified for a 30% (stage 1) discount under the FCA’s settlement procedures. Were it not for this discount, the FCA would have imposed a financial penalty of £126,575 plus interest on the £26,575 benefit.