View more on these topics

Inland Revenue boosts security after CGT man&#39s insider dealing

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&#39s Solihull capital

gains clearing section who were privy to price-sensitive information on

company takeovers.

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&#39s 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.”


Smokers benefit most as CGU rethinks term cover

CGU Life is slashing term insurance and mortgage protection rates.The biggest cuts are for smokers. A 25-year-old fem ale smoker can takeout mortgage protection on a £70,000 loan over 25 years for £5.43 a monthwhich means a 42 per cent cut from £9.35 a month.A 35-year-old male smoker can take out a term insurance policy […]

IFAs don&#39t want to be plankton in network ocean

I felt I had to write to just chip in to the debate on Misys absorbing theIFA Network.I have a great deal of respect for the personnel involved but I have toconfess that I have always had an antipathy to monolithic organisations.I know that “I would say this wouldn&#39t I” but I really do believe […]

Shake-up at Misys strengthens expansion of networks

Super-network and software giant Misys has made a ser ies of managementchanges aimed at consolidating expansion of its IFA networks.It says the changes will provide a platform for future development.A number of the appointments are at the recently formed Misys IFA Serviceswhich is designed to supp ort the company&#39s networks Countrywide, FinancialOptions Group and Kestrel.Misys […]

FAS says no need for panic as legislation is put back

Legislation underpinning the FSA will not come fully into force until 2001because the regulator needs more time to define its day-to-day role, saysthe Treasury.The Government and the FSA say the recent huge raft of amendments tabled bythe Conservatives in the House of Lords is not to blame for the delay.The process will take longer because […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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