Partner Chris Roberts has provided comment in City AM on the FCA’s recent fines against former Carillion plc finance directors, Richard Adam and Zafar Khan, for knowingly issuing misleading financial statements.

On what can be learned from today’s fines, Chris said: “These fines levied by the FCA evidence that it continues to have the desire to use its powers, and that proper application of internal policies and procedures is paramount. They further show that its investigations can take a long time, given these fines arise from Carillion’s liquidation in 2018.”

Commenting further on the story, Chris stated: “It is interesting to note that Mr Adam and Mr Khan each benefited from 10% discounts on their fines due to their cooperating with the FCA – in relation not only to their personal actions but also ‘other investigations’. This shows that if an individual decides to cooperate with the FCA, the FCA will want such cooperation to be as broad as possible.”

Chris’ comments were published in City AM, 7 January 2026.