Directors of collapsed Carillion banned by accounting watchdog Accountancy A pair of Carillion finance directors in post shortly before its collapse have been fined and banned by the accounting industry watchdog, bringing the curtain down on eight years of regulatory probes into one of the most notorious corporate failures in British history. Richard Adam – who served as the now-extinct contracting company’s finance director [...]
Labour scraps Audit Reform Bill to ‘avoid’ costs on firms Accountancy The Audit Reform and Corporate Governance Bill, added into Labour’s first King Speech, is now being scrapped to “avoid significant new costs to firms”. The reform was first raised in 2018 following the collapse of Carillon, but has been on and off the table ever since. The Bill was shelved by the previous government in November 2023 [...]
City watchdog fines ex-Carillion finance chiefs for market manipulation Regulation The City watchdog has fined the former finance directors of collapsed construction firm Carillion for their role in making “misleading” statements from the company. The Financial Conduct Authority (FCA) said both Richard Adam and Zafar Khan were aware of “serious financial troubles” in Carillion’s UK business but failed to reflect this in company announcements. Adam [...]
Carillion is ancient history. Seven years on, the audit profession has moved on January 15, 2025 Seven years on, the audit industry has moved on from Carillion. It's legislation that needs to catch up, writes ICAEW CEO Alan Vallance.
ISG collapse shows cracks in UK construction industry September 24, 2024 The crisis engulfing ISG raises questions about the entire UK construction sector, not just its own weak business model.
MPs call on Rishi Sunak to stop delaying audit reform October 29, 2023 A group of MPs and peers have written to the Prime Minister to call on him to include the Audit Reform Bill in King Charles’ state opening of Parliament on Wednesday, November 7.
Carillion: Former boss banned from UK boards for eight years October 5, 2023 The former boss of failed outsourcer Carillion has been banned by the Insolvency Service from leading a business for the next eight years. Richard Howson will not be able to be a director of a UK company after the authority said he ought to have known that the way some contracts were reported “concealed the [...]
Labour pledge to overhaul audit and corporate governance regime September 25, 2023 The Labour Party has said it will pass long-awaited legislation on audit and corporate governance reforms if it wins the next general election.
KPMG’s Carillion settlement generates £7m profit for Aussie litigation funder February 20, 2023 An Australian litigation funder has more than doubled its money after giving Carillion’s liquidator millions to fight a £1.3bn lawsuit against KPMG. Litigation Capital Management (LCM) has generated more than £7m in profits after funding the claim brought by Carillion’s liquidator against the Big Four firm, the Aussie firm said today. LCM’s announcement comes [...]
Carillion: Five years on, MPs and industry leaders demand audit reform to ensure scandal is not repeated January 18, 2023 On the fifth anniversary of the collapse of outsourcer Carillion, MPs and audit sector leaders have united in calling on the UK government to push forwards with plans to overhaul the country’s audit sector. MPs said a shake-up of the country’s accounting industry is needed imminently to ensure that audit failures, such as the one [...]