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Britain's FCA seeks retrial of insider trading case

·1-min read
FILE PHOTO: The logo of the Financial Conduct Authority is seen at the agency's headquarters in the Canary Wharf business district of London

(Reuters) - Britain's Financial Conduct Authority (FCA) said on Wednesday it would seek a retrial of two individuals accused of insider dealing, weeks after a court in London was unable to reach a verdict.

Stuart Bayes, a former general manager at RPC Group, and Jonathan Swann, a tenancy support officer, were accused of trading shares of British Polythene Industries (BPI) between May 2, 2016 and June 10, 2016, ahead of an announcement that RPC Group would buy BPI.

Bayes was also charged with improperly disclosing inside information.

The UK watchdog, which is responsible for supervising the activities of large banks as well as smaller money-lenders, had started criminal proceedings against the two individuals last year.

Last month, the Southwark Crown Court discharged the jury in the case after it could not reach a verdict.

The regulator said the court has now set a date of Sept. 11, 2023 for the retrail of Bayes and Swann, whose total profit from the insider dealing was about 138,700 pounds ($170,004.59).

Bayes and Swann did not immediately respond to Reuters request for a comment.

($1 = 0.8159 pounds)

(Reporting by Sinchita Mitra in Bengaluru; Editing by Amy Caren Daniel)

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