FCA opens investigation into Quindell's finances
Company suffered share price collapse in April amid allegations of 'potential market abuse'
June 24, 2015 at 08:28 AM
2 minute read
Quindell, the former owner of a raft of legal services businesses, is being investigated by the Financial Conduct Authority (FCA) in relation to its public statements about its financial accounts.
The company is being investigated by the FCA under the Financial Services and Markets Act 2000 in relation to various public statements about its finances during 2013 and 2014, the regulator said in a statement this morning (24 June).
In a statement to the City today, Quindell said that it would comply fully with the investigation.
The company also confirmed that it had identified some historic accounting policies in its professional services division, which "were largely acceptable but were at the aggressive end of acceptable practice".
The statement added that in an independent review of its accounts conducted last December accountant PwC identified that "certain policies were not appropriate".
The announcement of the investigation comes less than a month after the completion of the disposal of the company's professional services division, including its legal advice arm, to law firm Slater and Gordon for £637m.
The division was reported as making revenue of £177m in the three months to September 2014.
Last April the company suffered from a share price collapse over concerns of "potential market abuse", which led to MPs seeking an investigation by the FCA.
Trading in the shares of Quindell was suspended today while the investigation goes on. However, the company said trading would resume by the release of the group's 2014 financial statements.
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