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Financial Conduct Authority investigates Tesco's profit overstatement

The Financial Conduct Authority (FCA) has kicked off a full investigation into Tesco’s profit overstatement of £250m.

According to Retail Week, the profit overstatement of £250m is currently being independently reviewed by Deloitte.

Tesco said it will continue to co-operate with the FCA and other relevant authorities on the matter.

The grocery industry’s regulator also warned that Tesco could face a hefty fine if it has been found to have been bullying its suppliers.

Christine Tacon, boss of the groceries code adjudicator, has asked Deloitte to let her know if it encountered any instances of unfair treatment of suppliers.

“When Deloitte do their audit, I want them to let me know if they come across any breaches,” she said. “I’ve offered to brief Deloitte on the code and my offer has been accepted.”

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