This left them exposed whenever the projects faced delays or bigger than expected costs. The broader industry is also suffering from delays in public spending decisions as Britain negotiates its departure from the European Union. The Financial Conduct Authority (FCA) is investigating whether Carillion appropriately disclosed its financial position in the run up to a series of profit warnings issued in the past six months. Last month, Carillion brought forward the start date for new chief executive Andrew Davies to Jan. 22. Davies, head of family-owned builder Wates Group and formerly with defence company BAE Systems, will replace interim CEO Keith Cochrane. ($1 = 0.7418 pounds) (Reporting by Arathy S Nair in Bengaluru and Simon Jessop in London; Editing by Keith Weir and Jane Merriman)