Emma RadmoreFCA has fined Paul Stephany, formerly a fund manager at Newton Investment Management Limited. It imposed the £32,200 fine after it found Mr Stephany twice submitted orders as part of a book build for shares that were to be quoted, but then tried to get other fund managers to cap their orders at the same price as his own before the relevant order books closed.
FCA found he had failed to observe proper standards of market conduct and had acted without due skill, care and diligence.
FCA noted that it took action under FSMA, but there is a separate inquiry under the Competition Act 1998 to which Mr Stephany is not subject.
