Cenkos confirms FCA investigation into Quindell role

27th Jul 2016 09:53

(ShareCast News) - Broker Cenkos has confirmed that it is being investigated by the Financial Conduct Authority (FCA) over its work advising Quindell, which has since become Watchstone Group.Cenkos noted recent media speculation that it was being probed into its work advising Quindell on its short-lived plans to move to the main market of the London Stock Exchange in 2014."The company can confirm that there is an FCA investigation in progress but no further details can be provided until the FCA have concluded their investigation."Quindell, then an insurance claims processor before it sold this business to Australian lawfirm Slater & Gordons last year, was thwarted in its effort to move from the LSE's junior AIM market to a premium listing on the main market due to a technicality.The company, which at the time had designs on being added to the FTSE 250 index, was advised in June 2014 that it had failed to satisfy all the listing criteria for the move.In particular it was snagged by a failure to satisfy Listing Rule 6.1.3, which renders ineligible any companies that have undergone a significant change in their scale during the last three years' audited accounts.Quindell said at the time that it would examine listings in other markets such as America.