On 28 March 2017, the UK Financial Conduct Authority (“FCA”) and the Serious Fraud Office (“SFO”) announced the imposition of sanctions on Tesco plc and its subsidiary Tesco Stores Limited in connection with an inaccurate trading update published by Tesco in August 2014.
The alert discusses the first use by the FCA of its powers to order a person to make compensation payments to those who have suffered loss as a result of its abusive conduct, as well as the increasing use by the SFO of deferred prosecution agreements.