FCA looks into Quindell

Following the temporary suspension of trading in its shares on AIM, Quindell is under investigation from the Financial Conduct Authority (FCA) for alleged accounting irregularities.

The FCA informed Quindell of the investigation under the Financial Services and Markets Act 2000 in relation to public statements made regarding the financial accounts of the company during 2013 and 2014.

Quindell stated it intends to co-operate fully with the investigation.

In a statement, the FCA said, ‘Given the existence of an investigation, we will not be providing further comment.’

The move comes following PricewaterhouseCoopers LLP’s (PwC) review of certain Quindell accounting policies and the company’s own review and audit of its 2014 financial statements in which it admitted its practices ‘were largely acceptable but were at the aggressive end of acceptable.’