According to Reuters, MG Rover’s accountancy company, Deloitte, has been fined £14m by the Financial Reporting Council (FRC) over not being able to succeed in manage conflicts of interest in its advice to MG Rover Group in the run-up to its falling into administration in 2005.

Deloitte and partner Maghsoud Einollahi had acted as corporate finance advisers to firms involved with MG Rover and the Phoenix Four, including giving tax advice while Deloitte audited MG Rover.