Market Financial Solutions (MFS), the property lending firm that collapsed last month amid fraud allegations, has a complex web of connections that now includes its own auditor borrowing money from the group. Berkeley Finch, the high-street accounting firm that signed off MFS's 2024 accounts with an unqualified opinion, secured two mortgages from Jupiter Bridging Limited, a company owned by Berkeley Finch's partner, Yadav. One property is a bungalow in Belvedere, purchased for £224,995 in 2007, and the other is the cafe in Edgware where reporters found the connection.

This arrangement raises serious questions about audit independence under the Financial Reporting Council's updated Ethical Standard, which aims to prevent 'merry-go-round' structures. The audit-exempt company Jupiter Bridging Limited is listed as MFS's manager for mortgages taken out by its parent company, PSR Equities, further entangling the auditor's entity in the collapsed group's affairs. The properties are relatively unusual additions to MFS's loan book, which mainly comprised short-term bridge loans to high-net-worth individuals, including the former Bangladesh land minister.