FCA FINES PWC GBP15 MILLION OVER FAILURE TO BLOW FRAUD WHISTLE ON BOND SELLER
August 23rd, 2024
Britain’ Financial Conduct Authority (FCA) has fined auditor PricewaterhouseCoopers LLP (PwC) GBP15 million (USD19.5 million) for failing to report suspicions that its client London Capital & Finance plc (LCF) might be involved in fraud. The FCA has concluded that PwC encountered significant red flags throughout a 2016 audit of LCF, including a senior executive at LCF controlling day-to-day operations acting aggressively towards auditors.
While the firm subsequently provided PwC with inaccurate and misleading information, the FCA said the “complex” ...
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