By Kyle Brasseur2024-05-07T18:58:00
Big Four firms PwC and EY were each penalized by the Financial Reporting Council (FRC) for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance (LCF).
Both audit firms were assessed fines of 7 million pounds (U.S. $8.8 million), the FRC announced Tuesday. PwC earned a discount of 30 percent for admissions and early disposal and will pay £4.9 million (U.S. $6.1 million), while EY was awarded the same plus an additional 10 percent off for “exceptional” cooperation down to about £4.4 million (U.S. $5.5 million).
LCF sold £236 million (U.S. $295 million) worth of bonds promising investor returns of 6.5 to 8 percent a year. The investment firm entered administration in January 2019, with more than 11,000 investors suffering significant losses.
2024-08-20T18:56:00Z By Adrianne Appel
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
2024-08-08T17:06:00Z By Adrianne Appel
The Financial Reporting Council ordered a unit Ernst & Young UK to pay 296,000 pounds (U.S. $376,000) over the firm’s 2021 audit of Russia mining group Evraz.
2024-07-15T16:41:00Z By Aaron Nicodemus
The U.K.’s Financial Reporting Council fined audit firm MacIntyre Hudson (MHA) and two employees for breaching the agency’s requirements.
2025-10-20T18:07:00Z By Adrianne Appel
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.
2025-10-20T17:29:00Z By Ruth Prickett
U.K. motor finance companies are preparing to pay billions in compensation after a Supreme Court ruling found they sold unfair car loans over many years, failing to disclose key information and denying consumers the chance to compare deals or negotiate.
2025-10-17T21:09:00Z By Oscar Gonzalez
Even though the U.S. federal government is currently shut down, the U.S. Securities and Exchange Commission appears to still be at work. The financial regulator is reportedly investigating a major insurance and asset management company over its accounting practices.
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