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Exclusive: Shakespeare Martineau CEO ordered to pay £75k after misconduct
16 December 2016
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The CEO of Shakespeare Martineau has been ordered to pay £75,000 after admitting misconduct in his previous role at an accountancy firm which collapsed.

Andy Raynor took over as CEO of Midlands-based firm Shakespeare Martineau in 2015 after two years as its commercial director. But before that he was Chief Exec of accountancy firm RSM Tenon. Under his eight year tenure the company pursued a policy of merger and expansion which saw it become the UK's seventh largest accountants, with 2,600 employees. In August 2013, a few months after Raynor left, its shares were suspended and it fell into insolvent administration.

This week the Institute of Chartered Accountants of England & Wales has released a disciplinary 'Formal Complaint' in connection with RSM Tenon's 2010/11 financial statements, which it found were not prepared, audited or approved properly. It revealed that Raynor has admitted that his conduct "fell significantly short of the standards reasonably to be expected" of a chartered accountant in relation to his approval of the dodgy statements.

    -Not yet, no
-Or go into administration

Raynor, a non-lawyer, admitted that he "failed to act in accordance with the fundamental principle of professional competence and due care" contained in the ICAEW Code of Conduct. He also admitted that he "failed to obtain the necessary level of assurance" in relation to the accounting treatment of bonus accruals, and a lease, and the sign off of the financial statements. Raynor agreed to pay a fine of £26,500, reduced from £40,000 after mitigation and a settlement discount, plus a further sum of £50,000 as a contribution to costs.

An outraged source told RollOnFriday it was "so wrong" that the CEO of Shakespeare Martineau "continues in situ irrespective of this report". A spokesman for the firm told RollOnFriday, "We consider these events to be in the past and unrelated to the role that Andy holds here. He has the full support of our Firm as he continues to lead, grow and develop our business”".



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anonymous user
16/12/2016 06:38
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Oh well I'm sure the fine is a drop in the ocean for him. I feel sorry for the staff at SHMA as his salary is linked to that of the profits so if he wants less bonus for the staff and less pay rises then more profit for company and therefore more monet for him to top up his bank balance.
Also in other news mass redundancies expected in their London office and closure of their MK office as they can't find merger partners
anonymous user
16/12/2016 09:17
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Remember the saying 'you reap what you sow'.
anonymous user
16/12/2016 09:25
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"...a non-lawyer..." the ultimate slur, RoF? :-) Seriously though, is he a qualified accountant? In which case these transgressions seem a lot worse. You'd think that RSM would have a decent Finance Director/team that prepared the statements too!?
anonymous user
16/12/2016 10:34
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Haha - full support of the firm is very different to the support of the full firm! One wonders if these events were quite so in the past when the take over, sorry merger was being discussed.
anonymous user
16/12/2016 17:27
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How many peoples lives has he already destroyed yet he takes a position in another executive role. Hopefully clients that uses Shakespeare Martineau will speak out and hold him to account. Who do they act for maybe some comment from those clients would be helpful in knowing if they feel comfortable from a CSR perspective. But most importantly what about the employees at Shakespeare Martineau how do they feel being led by such a character? Ashamed I would suspect!
anonymous user
16/12/2016 17:40
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How can a Law Firm of all firms choose to support and be choose to be lead by such a person lets see if the demand for further firms they want to merge with share the same views now?
anonymous user
18/12/2016 05:05
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