FMJ Facilities Management magazine providing industry-specific intelligence to FM and property professionals
The Financial Conduct Authority (FCA) has fined former Carillion finance directors, Richard Adam and Zafar Khan for their part in misleading statements being issued by Carillion plc.
The FCA says both were aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight.
Adam and Khan have now been fined £232,800 and £138,900, respectively. The fines were imposed after they withdrew their challenges to the FCA’s decision.
As finance directors, the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting. These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately.
The FCA found both acted recklessly and were knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules.
Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, said: “Those in positions of responsibility have a duty to keep the market accurately and adequately informed. With Carillion, we have seen the serious impact it can have when they don’t. The action taken against Mr Adam and Mr Khan demonstrates our commitment to preventing market abuse and upholding the standards we expect.”
According to the 2026 UK Facilities Management Market Research Report by askporter, facilities management professionals want clear, verifiable evidence of work being delivered, with teams that can communicate progress in real time. This requires technology that is affordable, intuitive, and quick to adopt.
Yet the report found that:
Over three quarters of FM professionals (76 per cent) experience operational inefficiencies caused by siloed software which results in a lack of real-time visibility.
Communications challenges lead to maintenance issues, with 73 per cent of teams being forced into reactive problem-solving on a weekly basis.
A worrying level of compliance gaps, with 44 per cent of admitting that half or less of their compliance tasks are tracked and automated within their systems.
Closing this gap requires the establishment of transparent and consistent communications using affordable software that gives FM teams the ability to track, evidence and improve their services.
This webinar provides a valuable overview of the main findings of the report by askporter followed by a panel discussion by FM thought leaders on practical, strategic solutions that can help close this communications gap.
To register for the webinar taking place 29 January 2026 at 11:00am click here.
