The Financial Conduct Authority (FCA) has fined financial adviser Mark Taylor £36,285 and banned him for a period of at least two years for engaging in market abuse during its takeover of Ashcourt Rowan.
The FCA found that Taylor, an experienced financial adviser who had worked at Towry for two and a half years, bought shares in Ashcourt Rowan off the back of inside information accidentally provided to him in his role at Towry. Towry made an offer to acquire wealth manager Ashcourt Rowan for £2.70 per share in February 2015, following which discussions continued into March 2015 without a deal being finalised. The FCA found on 12 March 2015, before any public announcement had been made, an internal email was sent to all Towry staff stating that the firm had increased its offer for Ashc...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes