Financial regulator on trail of Carillion

Headlines about fines levied on the accountants that were supposed to be auditing the accounts of Carillion before its spectacular collapse in 2018 are far from the end of that affair. We await the details that will be revealed by a Financial Reporting Council (FRC) investigation into what happened to allow Carillion’s Board to escape a proper scrutiny that could have saved the public purse many millions of pounds and a lot of honest Carillion employees their jobs. But that is coming, if slowly.

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KPMG fined £14.4 million over Carillion audits

Auditor KPMG has been fined a record £14.4 million and five of its former staff sanctioned after a Disciplinary Tribunal found they provided false and misleading information to the Financial Reporting Council as it inspected audits of Carillion and software firm Regenersis. Separately, three former Carillion directors also received fines from the Financial Conduct Authority this week.

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Competence standards published for building safety management

The British Standards Institution has published three new standards which set out competence requirements for building safety management, including Principal Designers and Principal Contractors.

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Procurement called into question on large London projects

Transport for London has been urged to improve and tighten its procurement processes following a review by the Greater London Authority’s Oversight Committee. The review focused on several projects which “have given the Committee reason to be concerned,” including the Silvertown Tunnel.

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Net Zero Strategy ruled in breach of climate act

Government’s Net Zero Strategy will have to be revised following a High Court ruling which found the document to be in breach of obligations under the Climate Change Act 2008.

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Grenfell Inquiry completes evidence taking

Evidential hearings have now concluded for Phase 2 of the Grenfell Tower Inquiry after it took a broad range of witness testimony over the last 18 months in order to get to the bottom of the disaster at the west London residential block.

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Warning of delays and cost rises on Transpennine rail upgrade

Risks of delays and cost increases on a scheme to upgrade the Transpennine rail route linking Manchester and Leeds have been highlighted by the National Audit Office, which also warns it is not yet clear how the project’s intended benefits will be achieved.

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Disclosure Pilot Scheme to be made permanent

A mandatory disclosure scheme piloted in the Business & Property Courts has now been approved and will operate on a permanent basis in the courts from this October, it has been confirmed.

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Competition concerns over merger between HS2 bidders

The Competition & Markets Authority has raised concerns about a merger between two companies currently bidding to install overhead power cables for the High Speed 2 project.

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Willmott Dixon plans litigation to recover cladding costs

Willmott Dixon is likely to pursue litigation against suppliers which it claims are avoiding responsibility for paying the cost of cladding replacement works on a major mixed use project, the group’s chairman has revealed.

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