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City Watchdog to censure Carillion and its directors for reckless behaviour in run-up to collapse

Carillion's collapse led to calls for reform of the UK audit sector

The Financial Conduct Authority said it is proposing to censure outsourcing firm Carillion and some of its directors for acting “recklessly” before the firm collapsed.

Carillion went bust in January 2018 after it was overwhelmed by falling profits and a £1.5bn debt mountain.

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