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FCA investigates Tesco over profit forecast

The FCA is investigating Tesco following the supermarket’s revelation that it overstated its half-year profit forecast by £250m.

Tesco has already launched its own investigation into the issue, with an independent review being carried out by Deloitte.

Tesco revealed it had overstated its profit forecast by £250m in a trading update last week. The company has suspended four top executives while it carries out its investigation.

In a statement today, Tesco says: “Tesco will continue to co-operate fully with the FCA and other relevant authorities considering this matter.”

The FCA declined to comment. 

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Sort of – “Unexpected half a billion pounds in the bagging area…”

    (Not mine – heard it on the Now Show last Friday!)

  2. Sort of ‘unexpected half a billion pounds in the bagging area’…!!

    (Courtesy of the Now Show last Friday)

  3. Michael.White.BoutiqueCapital - Bridging Loans 1st October 2014 at 9:56 am

    A classic example of promoting long serving middle management to a level of utter incompetency.

  4. How much will the FCA investigation cost and who will pay for it. If this is Tesco, the retail outlet, they are not regulated by the FCA and do not pay FCA fees and levies.

    I would be interested to know if anyone at FCA can enlighten us?

  5. So which big accountancy firm were the auditors who missed it? Obviously not Deloitte’s as they would not have been appointed to investigate.

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