Financial Conduct Authority fines former CEO of Carillion plc

Posted to News on Tuesday, February 17, 2026 Share:

THE FINANCIAL Conduct Authority has fined Richard Howson the sum of £237,700 for his part in misleading statements being issued by Carillion plc. As CEO of the Group, Howson was aware of serious financial troubles in Carillion’s UK construction business, but failed to reflect this in company announcements or alert its Board and Audit Committee, in turn leading to poor oversight.

The fine was imposed subsequent to Howson withdrawing his challenge to the FCA’s decision.

Howson was one of two executive directors on Carillion’s Board. His responsibilities included working closely with the group finance director (the other executive director on the Board) to ensure Carillion communicated effectively with investors and had appropriate internal control processes.

Primary responsibility for ensuring the financial information disseminated to the market was accurate and not misleading lay with the group finance director. However, Howson played an important role as the Board member with the most expertise on construction and contracting matters.

The FCA found that Howson acted recklessly and was knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.

Steve Smart, executive director of enforcement and market oversight at the FCA, explained: “Carillion’s failure was significant. Jobs were lost, public sector projects put at risk and investors, who trusted the company to give them accurate information, suffered large-scale losses. That’s why the FCA worked diligently to hold the company and its senior leaders to account.”

During the period in question, Carillion’s group finance director was, first, Richard Adam and then Zafar Khan. They were fined £232,800 and £138,900, respectively, in January of this year.