FCA Charges Two Men with Insider Dealing Linked to GCP Takeover

The Financial Conduct Authority has launched criminal proceedings against two individuals accused of insider dealing linked to the proposed takeover of GCP Student Living Plc. The case highlights the regulator’s continued focus on market abuse, a central pillar of its five-year strategy to strengthen trust and integrity across the UK’s financial markets.

According to the FCA, Bobosher Sharipov, formerly employed at Jefferies International Limited, allegedly disclosed confidential takeover information to his close associate and former flatmate, Bekzod Avazov, in 2021. Mr Avazov is then said to have used this inside information to trade GCP shares and spread bets, generating almost £70,000 in unlawful profit. The FCA’s market surveillance tools flagged the trading activity as suspicious based on timing and profitability, prompting further investigation that uncovered a personal connection between the two men.

The watchdog emphasised how the alleged conduct undermines confidence in the fairness and cleanliness of UK markets. Steve Smart, executive director of enforcement and market oversight, stated that abusing privileged access for personal gain directly erodes the trust essential to efficient market functioning. The case has now been referred to Southwark Crown Court, with neither defendant indicating a plea. Jefferies has fully co-operated with the investigation.

Insider dealing remains a serious criminal offence under the Criminal Justice Act 1993, punishable by significant fines and imprisonment. Offences committed on or after 1 November 2021 now carry a maximum sentence of up to ten years. The proceedings against Mr Sharipov and Mr Avazov reinforce the FCA’s message that market abuse risks will be proactively monitored, rigorously investigated, and pursued through the courts where warranted.

For firms subject to the Market Abuse Regulation, the case serves as a timely reminder of the need for robust controls around inside information, staff conduct, and personal account dealing. Effective surveillance, strong information barriers, and clear reporting channels remain central to preventing misconduct and maintaining the integrity of UK financial markets.

Read the press release here.