The UK Government has been urged to intervene in the row over the Institute of Chartered Accountants in England and Wales (ICAEW) choosing to keep fines levied against KPMG over the cheating of Silentnight pensioners.
Big Four firm PwC is being investigated by the Financial Reporting Council (FRC) over its audits of construction firms Kier and Galliford Try. The initiation of these investigations takes the number of probes into the firm to seven. The FRC was already scrutinising PwC's audits of Eddie Stobart, BT,
The Institute of Chartered Accountants in England and Wales (ICAEW) has received heavy criticism after keeping over £13 million of fines levied against KPMG for its failings in the Silentnight pension fund scandal, rather than allocating the money to the pensioners affected by the scandal. The
Richard Lloyd has been selected as interim chair of the Financial Conduct Authority (FCA) while the Treasury searches for Chris Randell's permanent successor. Aidene Walsh will act as interim chair of the Payment Systems Regulator (PSR) from 1 April 2022.
During a session of the Joint Executive Committee (JEC) with the chief decretary to the Treasury Simon Clarke, finance secretary Kate Forbes outlined some of the challenges needing to be addressed as part of the forthcoming joint review of the Scottish Fiscal Framework. Chairing the meeting in Londo
The Competitions and Markets Authority (CMA) has written to digital bank Monzo about a breach of the Retail Banking Market Investigation Order 2017 in relation to the bank's monthly maximum charge. This requires banks and building societies to specify, for each Personal Current Account (PCA) product
KPMG has withdrawn from bidding for Scottish Government contracts after Scottish ministers put their relationship under scrutiny following a series of high-profile accountancy scandals. KPMG recently won a controversial £546,000 National Care Services (NCS) contact, which led ministers t
Firms using company or insolvency law to manage their liabilities have been warned they could face assertive action by the Financial Conduct Authority (FCA) if their proposals unfairly benefit them at the expense of their customers. The FCA has seen an increase in the number of firms developing prop
Jan du Plessis, the chairman-designate of the Financial Reporting Council (FRC) has told the Big Four accountancy firms that “the outcome could be much worse for them” if they do not actively participate in the drive to improve the audit industry. Mr du Plessis' warning came as he faced
Unite, the union representing staff at the Financial Conduct Authority (FCA), has launched an indicative ballot of its members for industrial action at the regulator. Yesterday, Unite members began voting in a ballot called by the union as management has refused to negotiate with the workforce on a
KPMG has been hit with another multi-million-pound fine from the Financial Reporting Council (FRC), over its audits of drinks company Conviviality in 2017. The FRC announced yesterday that it had issued a final decision notice under Audit Enforcement Procedure and imposed sanctions against KPMG
The Financial Conduct Authority (FCA) is acting to address concerns about the ease and speed with which people can make high-risk investments by proposing a significant strengthening of its rules on how high-risk financial products are marketed. This is a central element of the FCA's Consumer Invest
Stuart Smith, a former senior auditor at KPMG, has been fined £150,000 and banned for three years after admitting to misleading the Financial Reporting Council (FRC). KPMG and Mr Smith admitted their misconduct in relation to the FRC’s Audit Quality Review (AQR) inspection of the audit o
The Financial Reporting Council (FRC) has commenced an investigation into the statutory audits by PwC of the consolidated financial statements of Babcock International Group plc for the years ended 31 March 2019 and 2020. The FRC has extended its original investigation, which intended to analyse aud
The Financial Reporting Council (FRC) has today published its 3-year Plan for 2022-25 as the watchdog prepares to transition to the Audit, Reporting and Governance Authority (ARGA). The plan contains a detailed breakdown of intended expenditure for 2022-23 and a summary of the expected trajectory of