Former Carillion chief executive Richard Howson has been fined nearly £240,000 by the Financial Conduct Authority (FCA) for his part in misleading statements being issued by the company.
Initially issued a provisional fine of £397,800 in 2022, Mr Howson challenged the charge but subsequently withdrew his appeal before the court hearing and was issued a fine of £237,700.
According to the FCA, Mr Howson would have been aware of ‘serious financial troubles' in the company's construction business as the group chief executive, but he ‘failed to reflect this' in company announcements and also did not alert the board and audit committee.
As one of two executive directors on Carillion's board, Mr Howson did not hold primary responsibility for ensuring the accuracy of the financial information shared by the company, but the FCA did state that he played an ‘important role' as the board member with the most expertise on construction and contracting matters and that he worked closely with the group financial director (the other executive director).
During the period in question, the role of group finance director was held first by Richard Adam and then Zafar Khan, who were fined £232,800 and £138,900, respectively, in January 2026.
The FCA found that Mr 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, said: '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.'
