The Inland Revenue is strengthening security on clearing procedures
following the admission of insider dealing by a middle manager in its
capital gains clearance section.
Lawrence Champion pleaded guilty to 13 counts of insider dealing at
Warwick Crown Court last week. His criminal activity netted him just over
Champion was one of three people within the Revenue's Solihull capital
gains clearing section who were privy to price-sensitive information on
The Revenue confirms Champion was the only employee being investigated by
the Department of Trade and Industry.
But a Revenue spokesman says the other two employees who also had access
to the data have now been moved to other sections although he says there is
no evidence they were involved in similar activities.
Internal auditors are currently examining security on this type of
clearing action. Staff in sections which deal with sensitive information on
a regular basis have been issued guidance notes which require them to tell
their managers about all their share transactions.
Champion's case has been adjourned for pre-sentence reports to be carried
out and the sentencing has still to be fixed.
Revenue board chairman Nick Montagu says: “When we learnt that Lawrence
Champion appeared to have used confidential information for his own ends,
we took immediate steps to improve the security of our systems.”