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Financial Conduct Authority begins Tesco probe

The Financial Conduct Authority has commenced a full investigation into Tesco’s overstatement of expected profit for the half year.

The supermarket revealed on September 22 that it overstated its profit forecast by £250m. It said the “serious issue” was uncovered in the company’s most recent profit warning, released in August.

Tesco has asked Deloitte to review the problems and said it is working closely with Freshfields, the retailer’s external legal advisers.

In a statement published on its website this morning, Tesco said it would “continue to co-operate fully with the FCA and other relevant authorities considering this matter”.

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