The Financial Conduct Authority (FCA) has fined Richard Howson 拢237,700 for his part in misleading statements issued by Carillion ahead of its collapse in January 2018.
As group chief executive, Howson was aware of serious financial troubles in Carillion鈥檚 UK construction business. He failed to reflect this in company announcements or alert its board and audit committee, leading to poor oversight, the FCA said.
The FCA initially announced at a provisional fine for Howson of 拢397,800 in 2022, which he challenged. The sum was subsequently reduced after he withdrew his appeal before the court hearing.
Howson was one of two executive directors on Carillion鈥檚 board. His responsibilities included working closely with the group finance director (the other executive director on the board) to ensure Carillion communicated effectively with investors and had appropriate internal control processes.聽
The FCA found that Howson acted recklessly and was knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.
Carillion鈥檚 group finance directors during the latter years and months were Richard Adam and then Zafar Khan. They were fined 拢232,800 and 拢138,900, respectively, in January 2026 after also dropping their appeals against the regulator鈥檚 fines.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: 鈥淐arillion鈥檚 failure was significant. Jobs were lost, public sector projects put at risk and investors, who trusted the company to give them accurate information, suffered large scale losses. That鈥檚 why the FCA worked diligently to hold the company and its senior leaders to account.鈥�
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