Aug 16, 09:26 AM

PwC Fined £15 Million ($19 Million) by FCA for Failing to Report LCF Fraud

PricewaterhouseCoopers (PwC) has been fined £15 million ($19 million) by the UK's Financial Conduct Authority (FCA) for failing to alert the regulator to suspected fraudulent activities at London Capital & Finance (LCF), which collapsed in 2019. This penalty marks the first time a UK regulator has imposed a fine on an audit firm. The FCA cited PwC's failures in the marketing of LCF minibonds as a significant factor in the decision. The government has paid £115 million to bondholders and an additional £57.6 million in compensation due to the collapse of LCF. Despite the fine, PwC partners collected fees during the period in question.

#PricewaterhouseCoopers #PwC #UK #Financial Conduct Authority #FCA #LCF

Written with ChatGPT (GPT-4o).

Sources

Finance News@ftfinancenews
2 years ago
PwC fined record £15mn by FCA over London Capital & Finance https://t.co/Dwt8y5plo2
Prem Sikka@premnsikka
2 years ago
PwC fined £15m for failure to report suspicion of fraud at London Capital & Finance to regulators. Govt paid £115m to bondholders + another £57.6m in compensation. PwC partners collected fees. Big firms don't do robust audits, but advise the Govt. https://t.co/Txrlsnoqxh
Bloomberg Economics@economics
2 years ago
The UK’s financial watchdog hit PwC with its first ever fine of an auditor after it failed to report fraud suspicions at London Capital & Finance, which collapsed in 2019 https://t.co/8ntYq92p7T

PwC Fined £15 Million ($19 Million) by FCA for Failing to Report LCF Fraud

Sources

Additional media

Similar Stories