Investigations into the conduct of individual accountants, auditors and firms in relation to Market Financial Solutions and connected companies

News types:

Published: 11 June 2026

This press notice concerns the opening of investigations into specific individuals and the named firms. It would not be correct or fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities. The opening of an investigation does not indicate that the Financial Reporting Council (FRC) has made, or will make, any findings of breach of Relevant Requirements or Misconduct^[1] .

The FRC has commenced four investigations into the following:

1. the conduct of Magus Chartered Accountants and two individual accountants, in relation to Market Financial Solutions Limited and other connected companies (an investigation under the Accountancy Scheme^[2] );
   
2. the conduct of an individual accountant in relation to Market Financial Solutions Limited and other connected companies (an investigation under the Accountancy Scheme);
   
3. the Statutory Audit by Berkeley Finch Limited of the financial statements of Market Financial Solutions Limited for the financial year ended 31 December 2024 (an investigation under the Audit Enforcement Procedure); and
   
4. the Statutory Audit by Silver Levene (UK) Limited of the consolidated financial statements of Zircon Group Limited^[3] for the financial year ended 31 December 2024 (an investigation under the Audit Enforcement Procedure).

The decisions to open the investigations were made at a meeting of the FRC’s Conduct Committee on 21 April 2026.

The investigations will be conducted by the FRC’s Executive Counsel.

Footnotes

1. [1]

   Defined terms in this press notice refer to terms defined in the FRC’s Audit Enforcement Procedure or in the FRC’s Accountancy Scheme, as relevant. ‘Relevant Requirements’ are defined in the Audit Enforcement Procedure, and ‘Misconduct’ is defined in the Accountancy Scheme.

2. [2]

   The Accountancy Scheme provides for the investigation by the FRC into the conduct of Members and Member Firms of the following professional bodies for accountants: Institute of Chartered Accountants in England and Wales (ICAEW), Chartered Institute of Management Accountants (CIMA), Chartered Institute of Public Finance and Accountancy (CIPFA), Institute of Chartered Accountants in Ireland (ICAI), Association of Chartered Certified Accountants (ACCA), and Institute of Chartered Accountants of Scotland (ICAS). Further information about the Accountancy Scheme can be found at https://www.frc.org.uk/library/enforcement/accountancy-scheme/.

3. [3]

   Zircon Group Limited is connected to Market Financial Solutions Limited.