FCA drops Quindell investigation in light of SFO probe

18th Aug 2015 08:04

(ShareCast News) - The UK Financial Conduct Authority has decided to discontinue its investigation into beleaguered technology and outsourcing group Quindell with immediate effect, in light of the investigation by the Serious Fraud Office into past business and accounting practices.The FCA had been looking into the company's 2013 and 2014 accounting practices and on 5 August, the SFO told Quindell it has begun an investigation into its past business and accounting practices.In June, the company decided to suspend trading in its shares from AIM for a month as a result of the FCA investigation and its stock tumbled when trading resumed in August, as it posted an annual loss of £238m compared with a loss of £8.6m in the previous year.The results followed an extensive audit of the company's accounts.At 0823 BST, Quindell shares were up 3.3% at 99.14p.