W Deb MVL fined for accounting failures

The failings occurred between 1 December 2001 and 3 May 2005 and meant WDM was unable to monitor its own financial position or to comply with its financial reporting requirements adequately. As a result, the firm made total provisions of £66.3m in its accounts for 2004 and 2005 in respect of assets viewed as irrecoverable, which led to concerns about the firm's solvency and to former parent company ING waiving loans totalling £58m to ensure it remained adequately capitalised. The FSA says WDM breached four of its principles for business as well as rules on client money. In particular,...