The UK Financial Conduct Authority (FCA) announces that after failing to reach a verdict in a trial at Southwark Crown Court brought by the FCA, the jury was discharged.

The regulator will now consider whether to seek a re-trial of Stuart Bayes and Jonathan Swann for insider dealing.

Mr Bayes and Mr Swann have both been charged with insider dealing. Mr Bayes has also been charged with improperly disclosing inside information, or encouraging another, whilst being an insider, to engage in dealing.

The alleged offending took place between 2 May 2016 and 10 June 2016 and involved trading in shares in British Polythene Industries plc (BPI), ahead of an announcement that RPC Group plc was to acquire BPI. During this period, Mr Bayes was employed by RPC Group plc, and Mr Swann worked as a tenancy support officer.

The total profit from the insider dealing was approximately £138,700.

Insider dealing is punishable by a fine and/or up to 7 years’ imprisonment.