FCA drops Quindell investigation

The Financial Conduct Authority (FCA) has dropped its investigation into insurance technology provider Quindell.

Yesterday (August 18), the watchdog confirmed it had scrapped the investigation in light of the Serious Fraud Office’s (SFO) probe and consultation with the fraud investigator.

The FCA began its investigation into Quindell’s financial accounts in June this year, while the SFO began its investigation earlier this month following the announcement of Quindell’s 2014 results and revisions to its past results.

“In the light of the SFO’s decision to launch an investigation into the business and accounting practices at Quindell, and following consultation with the SFO, the FCA has decided to discontinue its own investigation with immediate effect,” said the FCA.