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Energy Supplier Faces FCA Probe Over Financial Disclosures

Law360, London (December 19, 2018, 9:06 PM GMT) -- The Financial Conduct Authority on Wednesday said it will investigate the accuracy of gas and energy supplier Yu Group PLC's filings of financial statements and whether the announcements accurately reflected the company's financial health.

The watchdog said it will be "review the accuracy" of Yu Group's financial announcements made between March 6 and Oct. 24, 2018, in the wake of warnings that the company had miscalculated revenues.

Yu Group, which is based in Nottingham, U.K, said it will “work collaboratively with and cooperate fully with the FCA in its inquiries.”

In October, the energy company issued a profit warning revising its...

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