The regulator emphasised a number of areas in which Carillion breached its provisions over the period 1 July 2016 to 10 July 2017.
This included sharing information that gave false or misleading signals as to the value of its share, and its failure to take “reasonable steps” to establish and maintain adequate procedures, systems and controls to ensure its compliance with reporting regulations.
According to the warning notice, the FCA believes that the relevant executive directors, whom it does not name, were “knowingly involved” with these breaches.
However, the regulator made reference to its warning not being a “final decision” on the matter, as individuals involved in the case have the right to make representations to the Regulatory Decisions Committee.
In a statement, the regulator said: “On 18 September 2020, the Financial Conduct Authority (the FCA) gave Carillion (in liquidation since 15 January 2018) and certain previous executive directors of Carillion a warning notice each, proposing to take action in respect of the conduct summarised in this statement.
“In relation to Carillion a public censure is proposed, not a financial penalty.”