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.