The three individuals have referred their respective decision notices to the Upper Tribunal (Tax and Chancery) where they will each present their case. Any findings in the individuals’ decision notices are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers their behaviour should be characterised.

Since Carillion as a company has been liquidated following its collapse in January 2018, the FCA was unable to fine the business, but it censured Carillion and said that had the company still been operating it would have issued a fine of £37,910,000 for financial misconduct.

The FCA has fined Richard Howson, former CEO, £397,800, former group finance director Richard Adam, £318,000 and former group finance director Zafar Khan £154,400 for dissemination of false and misleading financial information.