Key facts
- Mark Raddan, CEO of Interpath Advisory, was fined £8,000 by the ICAEW.
- The fine was for breaching confidentiality rules on two occasions.
- Raddan shared confidential client information and fee details while at KPMG.
- Interpath Advisory, formerly part of KPMG, was sold to HIG Capital in 2021.
- Interpath reported a pre-tax loss of £11m for the year ending March 28, 2025.
Mark Raddan, the chief executive of Interpath Advisory, has been fined £8,000 and severely reprimanded by the Institute of Chartered Accountants of England and Wales (ICAEW) for breaching confidentiality standards. The disciplinary action stems from two separate incidents that occurred while Raddan was a board member at KPMG, Interpath's former owner.
According to the ICAEW, Raddan allegedly sent a third party a copy of a historic weekly cash report containing confidential information linked to an unconnected client in October 2018. In January 2019, he is said to have shared information regarding fee charges for work undertaken for two other clients. At the time, Raddan held significant roles at KPMG, including being on its UK board and serving as its global head of turnaround.
Interpath Advisory was sold by KPMG to private equity group HIG Capital in 2021 for £400 million, becoming the UK's largest restructuring firm by headcount. The firm has recently faced financial challenges, reporting a pre-tax loss of £11 million for the year ending March 28, 2025. In January, it was also revealed that Interpath was in exclusive negotiations with Bridgepoint for the acquisition of a majority stake in its business.
The disciplinary notice stated that the order was made after Raddan agreed with the findings, based on the realistic prospect that he would be found to have broken accountancy standards if the case proceeded to a tribunal hearing. KPMG's restructuring arm had previously faced scrutiny and a significant fine over its role in the collapse of mattress giant Silentnight.