FCA fines former chief executive of Carillion plc (in liquidation)

As group chief executive, Mr Howson was aware of serious financial troubles in Carillion’s UK construction business. He failed to reflect this in company announcements or alert its board and audit committee, leading to poor oversight.

The fine was imposed after Mr Howson withdrew his challenge to the FCA’s decision.

Mr 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, Mr Howson played an important role as the Board member with the most expertise on construction and contracting matters. 

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.'

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 2026.

Notes to editors

1. Richard Howson Final Notice (PDF)[2].
2. Press release for Mr Adam and Mr Khan's Final Notices[3].
3. Carillion plc (in liquidation) Final Notice (PDF)[4].
4. Mr Howson was the Chief Executive of Carillion from 1 January 2012 to 10 July 2017. He received an initial Decision Notice (PDF)[5] dated 24 June 2022.
5. Mr Adam was finance director of Carillion from April 2007 to 31 December 2016. 
6. Mr Khan was finance director of Carillion from 1 January 2017 to September 2017.
7. The FCA has imposed the financial penalty on Mr Howson for being, in the period 1 July 2016 to 10 July 2017, knowingly concerned in breaches by Carillion of:
   • Article 15 of MAR (prohibition of market manipulation) by disseminating information that gave false or misleading signals as to the value of its shares in circumstances where it ought to have known that the information was false or misleading.
   • Listing Rule 1.3.3R (misleading information must not be published) by failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive and did not omit anything likely to affect the import of the information.
   • Listing Principle 1 (procedures, systems and controls) by failing to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations under the Listing Rules; and
   • Premium Listing Principle 2 (acting with integrity) by failing to act with integrity towards its holders and potential holders of its premium listed shares.