The Financial Conduct Authority in the UK (FCA) has reported that Ryan Willmott, formerly Group Reporting and Financial Planning Manager for Logica PLC, pleaded guilty to three instances of insider dealing recently, with profits from the related dealing exceeding £30,000. He will be sentenced on 26 March 2015.
The FCA report that Willmott admitted dealing on the basis of inside information he obtained during the course of his employment relating to the takeover of Logica PLC by CGI Group. He set up a trading account in the name of a former girlfriend, without her knowledge, to carry out the trading. He also admitted disclosing inside information to a family friend, who then went on to deal on behalf of Willmott and himself.
FCA announces new regime for Non-Executive Directors with specific responsibilities
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) has announced that non-executive directors (NEDs) with specific responsibilities, such as Chairman, will come under the new Senior Managers Regime (SMR). Following a detailed consultation across industry and with stakeholders it was also decided the regime would not apply to those NEDs who do not perform delegated responsibilities.
The NED roles that will be in scope of the SMR are:
- Senior Independent Director; and
- the Chairs of the Risk, Audit, Remuneration and Nominations Committees.
According to the FCA, the individuals performing these roles will be subject to all aspects of the Senior Managers Regime, including regulatory pre-approval, the FCA’s and PRA’s new conduct rules and the presumption of responsibility. Those NEDs who fall outside of the SMR will no longer be subject to regulatory pre-approval, will not be subject to the conduct rules nor the presumption of responsibility.
Within the regime, senior executives will be expected to take accountability for the conduct of the business for which they are responsible. They are in a position to exercise a strong influence on the business and its culture through incentives and the messages that they give to staff.