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October 2, 2013

Deloitte UK appeals MG Rover fine

Deloitte UK confirmed it has appealed against the £14m fine by, and the findings of, the Financial Reporting Council’s (FRC) MG Rover tribunal.

Last month Deloitte UK was fined £14m for failing to manage conflicts of interest in its advice to British carmaker MG Rover Group regarding its collapse in 2005.

A Deloitte spokesperson said: "After careful consideration, we have decided to seek leave to appeal the findings of the MG Rover tribunal. We recognise the general desire to move on from this case but do not agree with the main conclusions of the tribunal which we feel could create significant uncertainty for individual members and member firms of the ICAEW."

The next step in the appeal process is for an independent FRC tribunal member to check the grounds for the appeal and decide if it should proceed.

Related article
Deloitte fined £14m for MG Rover advisory work

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