Mazars is being probed by accountancy watchdogs after a complaint from the Pensions Regulator regarding advice it provided to the retirement scheme of wine retailer Threshers.
After consultation with the ICAEW, the Accountancy and Actuarial Discipline Board said it had launched an investigation into the firm today.
The AADB said: ‘The Accountancy and Actuarial Discipline Board has launched an investigation under its Scheme for the accountancy profession into the conduct of Mazars LLP and of an individual in relation to the provision of advice to the Trustee of the First Quench Pension Fund in connection with an employer substitution.’
The AADB said the scope of the investigation was as follows:
‘The conduct of Members and a Member Firm in relation to:
The engagement of Mazars LLP to provide advice to the Trustee of the First Quench Pension Fund in respect of a proposed replacement of First Quench Retailing Limited as the sponsoring employer of the First Quench Pension Fund, and the advice given by Mazars LLP in that regard.’
Mazars said: ‘We are surprised at the AADB’s decision to launch an investigation into this matter.
‘We are confident that the advice provided was to the highest professional standards and we will of course fully cooperate with the AADB during the course of the investigation.
It would be inappropriate to make any further comment at this point.’
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