Basic Search  |  Summaries  |  Advanced SearchPenalty: £1,870,000
Year: 2014
Date: 2 September, 2014
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: The Financial Reporting Council announced the outcome of the disciplinary case against Mazars LLP and a partner of Mazars. A settlement agreed between the Executive Counsel to the FRC, Gareth Rees QC, Mazars and the partner was approved by the FRC Tribunal on 25 July 2014. Mazars and the partner admitted that their conduct fell significantly short of the standards reasonably to be expected of a Member Firm and Member as pleaded in the amended Formal Complaint in relation to their engagement to provide advice to the Trustee of the First Quench Pension Fund in respect of a proposed replacement of First Quench Retailing Limited as the sponsoring employer, and the advice given by them in that regard. The parties agreed the following terms of settlement with regard to Mazars: a Fine of £750,000 to be paid by Mazars, adjusted from £850,000 to reflect the admissions made by Mazars (in accordance with paragraphs 57 and 59 of the FRC's Sanctions Guidance); Mazars to receive a Severe Reprimand; and a sum of £1,120,000 to be paid by Mazars as a contribution to the Executive Counsel's costs of, and incidental to, the investigation and the Formal Complaint.
Action Type: agency action
Agency: Financial Reporting Council
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: privately held
Major Industry of Parent: business services
Specific Industry of Parent: accounting services
Source of Data: (click here)