More than £100,000 was fined! Firm advisor banned by FCA for financial crime.

The UK Financial Conduct Authority (FCA) has taken decisive action against a financial professional for insider dealing, underscoring its firm stance against market abuse and dishonest conduct within the financial industry.

Background of the Case

In 2022, Dwane served as an advisor for ITM Power Plc (ITM), a London Stock Exchange-listed company specializing in hydrogen energy solutions. Due to his role, he had access to confidential and price-sensitive information concerning ITMs upcoming financial announcements.

On 27 October 2022, ITM Power released a statement that led to its share price plunging by approximately 37%. Before this information became public, Dwane misused his privileged access to make personal financial trades, positioning himself to profit from the anticipated market movement.

Details of the Misconduct

A day before ITMs market announcement, Dwane sold 125,000 ITM shares belonging to himself and a family member, valued at £124,287. Once the share price fell following the announcement, he repurchased 180,000 shares for £140,700, effectively profiting from the price difference.

According to the FCAs findings, these transactions enabled him to gain an unlawful profit of £26,575. His actions constituted insider dealing, one of the most serious offenses under UK financial law.

As an advisor to ITM, Dwane was obligated to seek permission before trading the companys shares. He failed to comply with this requirement, further demonstrating a clear breach of both company policy and regulatory expectations.

The FCA emphasized that Dwane, being an experienced financial professional, was fully aware that his conduct amounted to insider trading and represented an abuse of trust.

FCAs Official Statement

Steve Smart, the Executive Director of Enforcement and Market Oversight at the FCA, delivered a stern message regarding the case:

“As an experienced financial professional, Dwanes dishonesty and greed fell way short of the standards we expect. Trading on inside information while in a position of trust rigs the system and undermines the integrity of the market.”

He added that the FCA remains committed to using its full range of enforcement powers — including both regulatory and criminal measures — to detect, prevent, and punish market abuse.

Penalties and Consequences

Following a detailed investigation, the FCA imposed a financial penalty exceeding £100,000 on Dwane and issued a permanent prohibition preventing him from performing any regulated activities in the financial sector.

This decisive action serves as a powerful warning to individuals and firms across the UK financial landscape: exploiting insider information for personal benefit will result in severe legal, financial, and reputational consequences.

The regulators firm response underscores the importance of ethical conduct and compliance among all professionals entrusted with market-sensitive information.

Upholding Market Integrity

The FCA 's action against Dwane highlights the regulators broader mission to preserve transparency and fairness in UK financial markets. Insider trading undermines investor confidence and compromises the integrity of the entire financial system.

By taking swift and visible enforcement action, the FCA continues to reinforce a culture of accountability and trust, which ensures that financial professionals act responsibly, transparently, and in accordance with the law.