Tesco to be investigated by FCA

Tesco to be investigated by FCA

Tesco’s accounting scandal is to be investigated further by the Financial Conduct Authority – Britain’s financial watchdog.

“Tesco will continue to co-operate fully with the FCA and other relevant authorities considering this matter,” the company said in a statement earlier today.

The world’s third largest retailer had £3 billion pounds wiped from its stock market value when it found it had overstated its first-half profit by £250 million.

Reuters reports that the UK’s biggest grocer is the worst performer of the ‘big four’ i.e. Asda, Sainsbury’s and Morrisons as its market share had fallen to 28.8% from 30.2% at the same time last year.

The FCA investigation will be in addition to the independent review already underway by Deloitte.

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