FCA fines and bans former Towry adviser for insider dealing in Ashcourt Rowan acquisition

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...