The Financial Reporting Council's Executive Counsel has delivered a disciplinary formal complaint in connection with the conduct of Mazars and one of its partners, Richard Karmel, in relation to their engagement to provide advice to the trustee of the First Quench Pension Fund.
The complaint is in respect of a proposed replacement of First Quench Retailing as the sponsoring employer of the First Quench Pension Fund, and their subsequent advice. It alleges that the conduct of Mazars, and of Karmel, fell significantly short of the standards reasonably to be expected of Institute of Chartered Accountants England and Wales (ICAEW) members and member firms. It said both failed to act in accordance with the ICAEW's Code of Ethics fundamental principles to act with professional competence and due care, to act with objectivity, to respect the confidentiality of info...
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