View more on these topics

Accounting watchdog drops PwC probe over Barclays audits

Magnifying-Glass-And-Text-Kindle-Contract-700x450.jpgThe FRC was investigating PwC for three years over its work with Barclays

The Financial Reporting Council has closed an investigation into PwC’s work with Barclays around client money reporting saying it was unlikely to make an “adverse finding”.

The three-year investigation started after the bank was fined £37.7m for failing to keep client money separate from its own.

The FRC investigated PwC’s reporting to the FSA on Barclays’ compliance with client money rules between 2007 and 2012.

A statement from the FRC says: “The executive counsel to the FRC has concluded that there is not a realistic prospect that a tribunal would make an adverse finding against PwC in respect of the matters within the scope of the investigation.”

The Financial Times reports a PwC spokesperson saying: “We co-operated fully ​during the FRC​’s​ thorough ​investigation and are pleased that​ ​the FRC has closed it without any further action.”

In August, PwC was fined £5.1m by the FRC over its audit of RSM Tenon – which was acquired by Baker Tilly in 2013 before being bought by Towry a year later – ahead of the professional services firm going into administration.

In the same month the FRC fined the accounting firm £2.3m for mishandling the auditing of failed sub-prime lender Cattles and its subsidiary Welcome Financial Services.


Pension savings-2015

FCA pays PwC £75k for DB transfer redress report

The FCA has paid PwC at least £75,000 to review how clients who receive bad pension transfer advice should be compensated. The regulator set out its proposals in March for updating its methodology to calculate redress for customers who were given unsuitable advice to transfer out of a defined benefit pension scheme, after asking PwC […]

FCA logo glass 2 620x430

FCA investment boss joins PwC

FCA director of wholesale banking and investment management William Amos has joined PwC as a partner, Money Marketing can reveal. Amos, who left the regulator in June, has joined PwC this month as a partner in the firm’s financial services risk and regulation team focusing on wholesale conduct advisory services. In August 2013, Amos was […]


RBS, Lloyds and Barclays among banks in $400bn Libor case

The Federal Deposit Insurance Corporation, a US government agency, has filed a lawsuit against some of the UK’s largest banks over manipulation of Libor, which it argues was skewed against the banks it had to rescue during the financial crisis. The agency has brought a claim against nine banks, including Barclays, Lloyds Banking Group and RBS, in […]

Pensions-savings-retirement-piggy bank

Mothers missing out on millions

New HMRC figures show number of ‘mothers missing out on millions’ in pension rights has doubled in two years – Steve Webb Figures published on 24th March by HM Revenue & Customs show a doubling in the number of mothers missing out unnecessarily on vital pension rights because of a change in the rules on Child […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment