We make primary markets work well by monitoring market disclosures to ensure issuers and other market participants comply with the UK disclosure regime. Where they are not complying, we take action.
When we suspect there has been a serious failing, we use our enforcement powers to deter others from engaging in similar conduct.
See below for a list of recent enforcement outcomes.
Information on this page was last updated in 2026.
| Date | Issuer/subject | Enforcement outcome |
|---|---|---|
| March 2026 | John Wood Group PLC[1] | Between 28 March 2023 and 20 August 2024, John Wood Group PLC published inaccurate information in its full-year 2022 and 2023 financial results and its half-year 2024 results. Wood Group failed to take reasonable care to ensure that its announcements about those results were not false or misleading and it did not have adequate systems, controls or procedures to prevent these failings. We fined John Wood Group PLC £12,993,700. |
| February 2026 | Richard Howson (former CEO of Carillion plc)[2] | Following our action against Carillion plc in July 2022, Mr Howson was found to have acted recklessly and been knowingly concerned in breaches of the Market Abuse Regulation and the Listing Rules by Carillion. Mr Howson was aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the board and audit committee, leading to poor oversight. We fined Mr Howson £237,700. |
| January 2026 | Richard Adam (former Finance Director of Carillion plc); Zafar Khan (former Finance Director of Carillion plc)[3] | Following our action against Carillion plc in July 2022, Mr Adam and Mr Khan were found to have acted recklessly and been knowingly concerned in breaches of the Market Abuse Regulation and the Listing Rules by Carillion. Mr Adam and Mr Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the board and audit committee, leading to poor oversight. We fined Mr Adam and Mr Khan £232,800 and £138,900, respectively. |
| June 2025 | Craig Donaldson (former CEO of Metro Bank PLC); David Arden (former CFO of Metro Bank PLC)[4] | Following our action against Metro Bank PLC in December 2022, the Upper Tribunal found that Mr Donaldson and Mr Arden were knowingly concerned in a breach of the Listing Rules by Metro. On 24 October 2018, Metro published an unqualified statement of its Risk Weighted Assets, and the capital ratios based on it. Metro knew at the time of a material error with the data, but did not inform the market. Mr Donaldson as CEO and Mr Arden as CFO at Metro at the time of the announcement were aware of the material error and involved in the decision to publish the incorrect information. We fined Mr Donaldson and Mr Arden £167,325 and £100,950, respectively. |
| November 2024 | András Sebők (former Chief Supply Chain Officer at Wizz Air Holdings plc)[5] | Mr Sebők, in his capacity as a person discharging managerial responsibility at Wizz Air, traded Wizz Air shares in the restricted 30-day period leading up to the company’s financial results announcements. Mr Sebők also failed to notify the FCA and Wizz Air of his personal trades in the company’s shares within the required 3 business days. We fined Mr Sebők £123,500. |
| November 2024 | Barclays plc; Barclays Bank plc[6] | Barclays failed to disclose certain arrangements agreed with Qatari entities as part of its capital raisings announced on 25 June 2008 and 31 October 2008. Barclays’ conduct in the October capital raising was reckless and lacked integrity. We fined Barclays plc and Barclays Bank plc £30m and £10m, respectively. |
| November 2023 | NMC Health Plc[7] | NMC published a series of financial statements and several clarification announcements between March 2019 and February 2020 which contained materially inaccurate information about its debt position. NMC had been operating dual sets of accounting records and knew, or ought to have known, that the information it had published concerning its debt position was false or misleading. The financial statements disclosed publicly misled investors by understating its debts by as much as USD $4 billion. We imposed a censure on NMC Health Plc, as it was in administration and all available funds were being used to meet creditor claims. |
| December 2022 | Metro Bank PLC[8] | Metro Bank published incorrect information concerning its Risk Weighted Assets (RWA) figure in its third quarter trading update (the October Announcement) on 24 October 2018. It was aware at the time that this figure was wrong and failed to qualify it or explain in the October Announcement that it was subject to an ongoing review and would require a substantial correction. Metro Bank also failed to consider, and to seek legal advice on, whether the incorrect RWA figure ought to be qualified or explained in the October Announcement. As a result, Metro Bank failed to take reasonable care to ensure that the October Announcement was not false and misleading and did not omit relevant information. We fined Metro Bank PLC £10 million. |
| August 2022 | Sir Christopher Gent[9] (former non-executive Chairman of ConvaTec Group Plc) | Sir Christopher disclosed inside information to individuals in senior positions at two of ConvaTec Group Plc’s (ConvaTec) major shareholders before this information had been announced properly to the market. The disclosures concerned an expected announcement by ConvaTec relating to a revision of its financial guidance and the CEO’s plans for retirement. We fined Sir Christopher £80,000. |
| July 2022 | Carillion plc[10] | Carillion recklessly published announcements on 7 December 2016, 1 March 2017 and 3 May 2017 that were misleading and did not accurately or fully disclose the true financial performance of Carillion. Those announcements made misleadingly positive statements about Carillion’s financial performance generally and in relation to its UK construction business in particular. We issued Carillion with a public censure given it was insolvent and in liquidation. |
| March 2022 | Tim Coleman (former CFO of Redcentric); Estelle Croft (former Finance Director of Redcentric)[11] | Following our action against Redcentric PLC in June 2020. Mr Coleman was found guilty of making false and misleading statements to the market and of false accounting. Mr Coleman had inflated the cash position that was presented to the Redcentric Board, and had used the same false figures to assure key investors about Redcentric’s financial position, persuading them not to sell down their investment in the company. Mr Coleman was sentenced to five and a half years’ imprisonment, as well as being disqualified from being director for ten years. Ms Croft was sentenced to three years’ imprisonment for false statements and false accounting. |
| October 2020 | Aviva plc[12] | Aviva made an announcement about the treatment of some of its preference shares. This announcement was reasonably capable of giving the impression that Aviva intended to take action to cancel them at par value. Aviva had made the announcement when it had, in fact, formed no intention to cancel the preference shares in question. The impression given by the announcement was not accurate. Aviva later clarified its intentions in a further regulatory announcement. We censured Aviva plc for making an announcement that had the potential to mislead the market, noting this was serious but not intentional. We also took note of the payment scheme for affected preference shareholders in coming to this decision. |
| October 2020 | Asia Research and Capital Management Ltd[13] | The firm failed to notify us and disclose to the public its net short position in Premier Oil Plc built between February 2017 and July 2019. It was fined £873,118 over transparency failures. |
| September 2020 | Conor Martin Foley[14] | Mr Foley, the ex-CEO of WorldSpreads Limited (WSL), and its holding company WorldSpreads Group plc (WSG), was involved in drafting admission documentation ahead of WSG’s flotation on AIM. These documents contained misleading information and omitted key information that investors would have needed to make an informed decision about the company. We imposed a public censure on Mr Foley, in lieu of a financial penalty taking account of his financial hardship, for engaging in market abuse (dissemination, manipulating transactions and false or misleading impressions). |
| June 2020 | Redcentric PLC[15] | Redcentric issued unaudited interim results and audited final year results which materially misstated its net debt position and overstated its true asset position in circumstances where it knew, or ought to have known, that the information was false and misleading. As a result, investors were misled and paid more when purchasing shares than they would have done had they known the true position. Redcentric has agreed to offer compensation to affected investors who purchased Redcentric shares between 9 November 2015 and 7 November 2016. |
| December 2019 | Kevin Gorman[16] | Mr Gorman sold shares as a person discharging managerial responsibility (PDMR) at Braemar Plc. Under the Market Abuse Regulation (MAR), persons who are PDMRs are required to notify us and the company of every transaction conducted on their own account above a certain threshold within 3 business days. We imposed a financial penalty of £45,000 on Mr Gorman for failure to notify the transactions under MAR. |
| June 2019 | Cathay International Holdings Limited; Mr Jin-Yi Lee; and Mr Eric Siu[17] | Cathay’s financial performance deteriorated over the course of 2015 due to various issues in its group. In our view, there were serious procedures, systems and controls failings within the company which meant that Cathay did not monitor the full impact of these issues on its expected financial performance for the year ended 31 December 2015 compared to market expectations. |