FSA lays blame for Marconi fiasco

24 Jan 2003

The UK’s Financial Services Authority is expected to single out Lord Simpson and Sir Roger Hern, the former chief executive and chairman of Marconi respectively, for criticism of their role in the shock profits warning of July 2001. The announcement has been blamed for triggering the near collapse of the telecoms equipment manufacturer. The report by the FSA is expected to find that the pair could have made their announcement at least a day earlier than it did.