UK watchdog to investigate Tesco’s profit bungle


tescoBritain’s financial watchdog has launched a full investigation into Tesco after the troubled supermarket massively overestimated its half year profits forecast by STG250 million ($A456.33 million).

“The Financial Conduct Authority has notified Tesco that it has commenced a full investigation following the overstatement of expected profit for the half year,” the FCA said in a statement.

Tesco has already ordered an independent review by Deloitte and said it would “continue to cooperate fully with the FCA and other relevant authorities considering this matter”.

Last week, the UK accountancy regulator, the Financial Reporting Council (FRC), said it was “monitoring the situation closely,” but would not act until Tesco’s own investigation was completed.

The FRC can issue fines for misconduct.

It can also, via an independent panel, suspend individuals and firms from the professional accounting body.



Comment Manually


How have consumers' needs changed since the start of the coronavirus? Contributor Anastasia Lloyd-Wallis examines w…

3 days ago

Like most retailers, InStitchu was hit hard by COVID-19. The opening of its first store in the UK was scheduled for…

3 days ago

Last week, Toll confirmed that its internal data had landed on the dark web. We spoke to a security expert about wh…

4 days ago