WH Smith probed by regulator over accounting error

WH Smith is under investigation by the Financial Conduct Authority (FCA) due to accounting errors, leading to a 40% drop in shares and departure of its CEO. The retailer plans to reclaim overpaid bonuses and reshuffle its business after selling off a chain of High Street shops. The company aims to rebuild investor confidence and enhance financial controls as it transitions to a new business model focusing on travel essentials and convenience products.