The FCA has fined Neil Sedgwick Dwane £100,281 for insider dealing and banned him from working for UK financial services.
In 2022, Mr Dwane worked as an advisor for ITM Power Plc (ITM). 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.
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.
Steve Smart, executive director of enforcement and market oversight at the FCA, said:
'As an experienced financial professional, Mr Dwane’s 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.'
The FCA continues to use its full range of powers to clamp down on all types of market abuse, using the most appropriate regulatory and criminal action to hold people to account.
Background
- Final notice 2025: Neil Sedgwick Dwane (PDF)
- 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.
- Tackling financial crime is a priority under the FCA's 5-year strategy.
- The FCA enables a fair and thriving financial services market for the good of consumers and the economy.
