Market Financial Solutions (MFS) relied on a small accountancy firm with just two employees, according to newly reported details.
MFS, which entered administration last month amid allegations of fraud, listed Magus Chartered as its main accountants in its most recent annual report.
However, The Telegraph reports that accounts filed by the firm show Magus had only two employees in 2025, down from three the previous year.
The accountancy practice operates from offices near Victoria Coach Station in London, occupying part of a basement floor in a building shared with charities and legal firms.
Magus is owned by Dipendra Amin, who is also listed as a director of several companies that have received loans from MFS or related entities. According to filings at Companies House, those loans were secured against properties across the UK, including assets in Mayfair and Hounslow.
It is possible that Amin was acting on behalf of borrowers rather than receiving the loans directly. Nominee arrangements can see accountants or other professional advisers appointed to represent the legal ownership of assets on behalf of underlying clients.
Magus did not respond to questions from The Telegraph about the services it provided to MFS, although it did not act as the lender’s auditor. Founded in 2002, the firm says it provides accountancy, tax and business advisory services.
There is no suggestion of wrongdoing by Magus.
There is no suggestion of wrongdoing by Magus. However, the small size of the firm has drawn attention given the scale of MFS’s operations.
At its peak, MFS reported a loan book of around £2.5bn and served property investors, overseas family offices and high-net-worth borrowers across the UK. Businesses of that size typically appoint large audit and advisory firms to oversee financial reporting.
MFS entered administration following what a judge described as “very serious” allegations of fraud, including claims that assets may have been pledged more than once to support lending. Reports suggest up to £930m could be missing from its balance sheet.
