MFS Collapse Triggers Probe Into Failed UK Lender’s Auditors (2)

The UK’s audit watchdog is probing accountancy firms linked to Market Financial Solutions Ltd., the mortgage lender backed by multiple Wall Street banks that collapsed in February.

The Financial Reporting Council has opened investigations into Magus Chartered Accountants and two individual accountants in relation to their work on MFS and connected companies, according to a statement Thursday. The FRC is also probing Berkeley Finch, which audited MFS’ financial statements for the calendar year ending 2024, the watchdog said.

The FRC is also investigating Silver Levene UK, the auditor of an MFS-linked entity, Zircon Group Ltd. Another individual accountant faces ...