PwC Fined £15m by FCA for Failing to Report Fraud in Audit of City Firm

Friday, 16 August 2024, 14:22

FCA fines PwC £15m for failing to report suspected fraud at a City firm. This marks a significant first for the auditor in regulatory penalties.
LivaRava_Finance_Default_1.png
PwC Fined £15m by FCA for Failing to Report Fraud in Audit of City Firm

FCA's Historic Fine on PwC

The UK’s Financial Conduct Authority (FCA) has imposed a record £15 million fine on PwC. This fine is significant as it represents the first enforcement action against an auditor by the FCA.

Details of the Regulation Breach

PWC's audit team failed to report suspicions of fraud related to a City firm that collapsed in 2019. The failure left over 11,000 investors facing losses of nearly £240 million.

Past Penalties on PwC

Just three months prior, PwC was also fined £4.9 million by the Financial Reporting Council for mishandling certain audits. Both cases raise critical questions about auditing practices and regulatory oversight.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe