Revenue ups security following insider dealing
The Inland Revenue had taken new security measures following the imprisonment of a Revenue manager for insider dealing.
Officials are also to meet with accountancy and legal bodies later this month to reassure them about the integrity of Revenue procedures.
Lawrence Champion, a manager at the Revenue’s capital gains clearancesection in Solihull, was jailed for six months on Friday after confessing that he used confidential information supplied to his department to buy shares.He pleaded guilty to 13 counts of insider dealing.
The Revenue however revealed that Champion’s case triggered a review of security measures which has resulted in special guidance for people dealing with market sensitive information and a limit on the time officers can work in these departments.
Nick Montagu, chairman of the Revenue board, said Champion has ‘severely embarrassed’ the Revenue and his colleagues.Clear guidance has been issued to staff regarding when, and when they cannot, buy shares.
‘We recognised that Lawrence Champion’s actions could damage our relationship with the financial markets which need complete confidence in the Inland Revenue. That why we acted firmly as soon as we leant of his criminal actions.’We want to be an organisation that leans from experience and acts on it.’
Inland Revenue manager jailed for six months