View more on these topics

Former Morrisons treasurer jailed for insider dealing

Former Morrisons group treasurer and head of tax Paul Coyle has been sentenced to 12 months in prison after pleading guilty to two counts of insider dealing.

In a prosecution brought by the FCA, Coyle has also been ordered to pay £15,000 towards prosecution costs and a £203,234 confiscation order.

Between 24 January and 17 May 2013 Coyle was regularly privy to confidential price sensitive information about Morrison’s ongoing talks regarding a proposed joint venture with Ocado.

He took advantage of this information by trading in Ocado shares between 12 February and 17 May 2013 using two online accounts which were in the name of his partner.

Profits from the dealing exceeded £79,000.

FCA director of enforcement and market oversight Georgina Philippou says: “Coyle committed a serious breach of trust by using the confidential price sensitive information he received as part of his role at Morrisons for his own personal gain.

“Abuse of inside information in this way undermines the integrity of the UK financial markets. We are committed to prosecuting insider dealing to ensure our markets remain a ‘level playing field’ for all participants.”

Recommended

BoE

Fraud office probes BoE over liquidity auctions

The Serious Fraud Office is investigating the Bank of England over liquidity auctions it held during the financial crisis. A statement from the Bank confirms it began its own investigation, led by Lord Grabiner QC, into liquidity auctions in 2007 and 2008 and subsequently referred this to the SFO in November 2014. The Bank says: […]

2

Claire Trott: Legacy problems plague pension freedom reforms

I have been harping on that the pension reforms and guidance guarantee are being pushed through too quickly, which will be at the detriment of the consumer. I do believe that the ideas and eventual outcome of these reforms will be of real benefit to most people. The current issues come from all the historic […]

Technology-Tech-Currency-Money-700x450.jpg

Is lenders’ digital shift a threat to mortgage brokers? – no data this week

Lenders are preparing to fight back in the battle for market share by ramping up their execution-only digital sales platforms. But does this represent a threat to growth in the broker market? Under MMR, a residential mortgage sale can only be non-advised where there is no interaction with the borrower. This means it must be […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com