Serious Fraud Office to probe Quindell

The Serious Fraud Office has opened an investigation into Quindell, the company has confirmed.

The confirmation comes after news stories suggested that the SFO was considering a probe into the troubled insurance outsourcer.

Quindell said in a statement that it understands the SFO probe relates to past business and accounting practices at the company.

It added: “The company will continue to cooperate with all relevant regulatory and law enforcement authorities.”

The news comes after Quindell revealed in its result that it had overstated 2013 profits at its professional services division by £145m.