The Financial Conduct Authority has begun a probe into Quindell, the insurance claims processing and connected car telematics provider.
This morning the FCA confirmed it has commenced an investigation into the publicly listed company under the Financial Services and Markets Act 2000.
It said it was in relation to public statements made regarding Quindell’s financial accounts during 2013 and 2014.
Trading in Quindell shares on the AIM market has been suspended temporarily pending finalisation of an audit of its 2014 financial statements.
Quindell said it will cooperate fully with the FCA investigation.
It also revealed the results of a review by PwC into its accounting practices.
It said certain accounting policies “were largely acceptable but were at the aggressive end of acceptable practices” and added that the PwC review “identified that certain policies were not appropriate”.