The Financial Reporting Council (FRC) has called out EY and Christopher Voogd, the audit engagement partner, for failure to follow mandatory firm rotation (MFR) rules, which have been in place since June 2016. The problem arose as EY did not have any centralised monitoring of the 10-year limit for compulsory tenders and made a mistake on a form which should have flagged the issue.

SWSF is a financing company, which is part of a group of companies headquartered in Europe, and is a wholly owned subsidiary of a UK parent company, listed since 2002.