City stockbroker Cenkos is reportedly facing a fine of "hundreds of thousands" for its work with Quindell

Mark Sands
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The FCA will reportedly hit Cenkos with a fine worth "hundreds of thousands"

City stockbroker Cenkos is reportedly facing a fine of “hundreds of thousands” from the FCA over its dealings with an insurance technology group.

According to Sky News, the FCA is preparing to hit Cenkos with a penalty of around £700,000 for its work with Quindell, now known as Watchstone Group.

Sources told Sky News the regulator was preparing to act over Cenkos’ supervision of Quindell’s planned move from the AIM to a main stock exchange listing.

Since being faced with questions over its accounting practices, Quindell ousted its founder in 2014, and rebranded as Watchstone.

The business, which process insurance claims, also sold off Quindell’s former legal services division to Australian law firm Slater & Gordon in 2015.

An FCA spokesman declined to comment. Cenkos could not be reached for comment.

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