FCA fines John Wood Group PLC for inaccurate information in its financial results
The Financial Conduct Authority (FCA) has fined John Wood Group PLC (Wood Group) £12,993,700 for publishing inaccurate information in its financial results. The FCA found that, following the poor performance of certain projects, Wood Group’s accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results, and it did not have adequate systems, controls or procedures to prevent this from happening. Wood Group agreed to resolve the case at an early stage and qualified for a 30% discount on the penalty imposed. Without this discount, the FCA would have imposed a financial penalty of £18,562,500.