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FCA Fines Former Carillion CEO for Misleading Market Statements
As Group Chief Executive, Mr Howson was aware of significant financial difficulties within Carillion’s UK construction division. However, he failed to ensure that these issues were properly reflected in company announcements or escalated to the Board and audit committee, contributing to inadequate oversight.
The penalty was imposed after Mr Howson withdrew his challenge to the FCA’s findings.
Leadership Responsibility and Oversight Failures
Mr Howson was one of two executive directors on Carillion’s Board. In his role, he worked closely with the Group Finance Director to ensure accurate communication with investors and the maintenance of appropriate internal control systems.
While primary responsibility for the accuracy of financial information rested with the Group Finance Director, Mr Howson held significant expertise in construction and contracting matters and played a key role in board-level decision-making.
The FCA concluded that Mr Howson acted recklessly and was knowingly involved in Carillion’s breaches of the Market Abuse Regulation and the Listing Rules.
Wider Impact of Carillion’s Collapse
“Carillion’s failure was significant. Jobs were lost, public sector projects were put at risk, and investors who relied on accurate information suffered substantial losses. That is why we worked diligently to hold the company and its senior leaders to account.”
— Steve Smart, Executive Director of Enforcement and Market Oversight, FCA
During the relevant period, Carillion’s Group Finance Director role was held first by Richard Adam and subsequently by Zafar Khan. In January 2026, they were fined £232,800 and £138,900 respectively for their involvement in related misconduct.
This enforcement action underscores the FCA’s commitment to ensuring transparency, accountability and integrity at the highest levels of corporate leadership — and to protecting investors and markets from misleading financial disclosures.