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01/10/2014
Tesco Under Investigation By FCA
Tesco has been notified by the Financial Conduct Authority (FCA) that it is under investigation.
The move comes after the supermarket chain last week confirmed it had overstated its half-year profit guidance by £250m.
In a short statement, Tesco said it would continue to co-operate fully with the FCA, as well as other relevant authorities.
Tesco has already launched its own investigation into the issue, which is being carried out by Deloitte, and Freshfields, the group's external legal advisers.
Last week, the Financial Reporting Council (FRC), said it was "monitoring the situation closely", but would not act until the supermarket's own investigation was completed.
The FRC are able to issue fines for misconduct. It can also suspend individuals and firms from the professional accounting body, through an independent panel.
Tesco has already suspended four of its executives in connection with its accounting problems, including Chris Bush, its UK managing director.
(JP/CD)
The move comes after the supermarket chain last week confirmed it had overstated its half-year profit guidance by £250m.
In a short statement, Tesco said it would continue to co-operate fully with the FCA, as well as other relevant authorities.
Tesco has already launched its own investigation into the issue, which is being carried out by Deloitte, and Freshfields, the group's external legal advisers.
Last week, the Financial Reporting Council (FRC), said it was "monitoring the situation closely", but would not act until the supermarket's own investigation was completed.
The FRC are able to issue fines for misconduct. It can also suspend individuals and firms from the professional accounting body, through an independent panel.
Tesco has already suspended four of its executives in connection with its accounting problems, including Chris Bush, its UK managing director.
(JP/CD)
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