The U.K. Financial Reporting Council (FRC) issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
PwC and Jonathan Hinchliffe, a former statutory auditor at the firm, will pay 2.9 million pounds (U.S. $3.7 million) and £33,000 (U.S. $43,000), respectively, the FRC said in a press release Tuesday. PwC and Hinchliffe allegedly failed to account for lending and exposure risks after the bank’s acquisition by the Gupta Family Group (GFG) Alliance, the largest client of collapsed Greensill Capital.
