The Financial Reporting Council (FRC) has fined Deloitte a record £14m for failing to manage conflicts of interest in its advice to MG Rover Group.
An independent tribunal has also backed the council’s call for a severe reprimand of the Big Four firm. In July the tribunal found all 13 allegations the FRC had brought against the firm were proven.
Deloitte partner Maghsoud Einollahi was also fined of £250,000 and banned from the profession for three years. The fine will go to the UK Consultative Committee of Accounting Bodies, which pays the costs of FRC disciplinary cases.
Deloitte has repeated its previous statement that it “disagrees” with the tribunal's main conclusions.
“Over the coming weeks, we will...
About Robert Lovell
Business and finance journalist