View more on these topics

KPMG hit with formal complaint over alleged pension fund misconduct

The Financial Reporting Council’s executive counsel has delivered a disciplinary formal complaint against KPMG and one of its partners, David Costley-Wood after it believes its professional judgement was “compromised”. The alleged misconduct saw 1,300 employees of mattress maker Silentnight without their promised pensions.

The formal complaint also alleges that KPMG and Costley-Wood either knowingly or recklessly assisted with the provision of untrue and/or misleading and/or materially incomplete explanations to the Pension Protection Fund, the Pensions Regulator, Silentnight and the trustees of the Silentnight Pension Scheme.

A disciplinary tribunal will be convened to hear the complaint and determine whether KPMG and Costley-Wood have committed misconduct.

KPMG’s spokesman says: “We believe the FRC’s allegations to be wholly without merit. Given the matter is now subject to formal consideration by a tribunal, we will not be commenting further.”

Recommended

Gordon Andrews: Planning points for new parents

Advice can help new parents avoid any unnecessary financial consequences of taking time off to have a baby New parents have an awful lot to think about, with their financial planning often languishing at the bottom of the list. Advisers can add value by highlighting a few significant areas. First and foremost, new parents must […]

FNZ provides blockchain tech for impact investing platform

Platform technology provider FNZ has supplied the blockchain system powering The Big Issue’s new impact investment platform. The Big Exchange platform will offer funds from fund managers, including Aberdeen Standard Investments Columbia Threadneedle, Alliance Bernstein and Alquity. Big Issue Invest says the platform will bring social and environmental funds direct to retail consumer for the first […]

Lucy Brown: FOS ruling shows why research matters

A recent decision by the Financial Ombudsman Service to uphold a complaint following “unsuitable” life insurance advice has put a spotlight on the importance of proper research. The case concerned a 53-year-old client who had been told by her adviser that life cover premiums were likely to be “excessive and unaffordable” for her. The Ombudsman found […]

5

Chris Gilchrist: The property dream is over

The British have an obsession with residential property shared by few other Europeans. In many places on the continent, you rent city centre flats until you retire, when you buy or build a home in the country. Europeans devote around 15 per cent of spendable income to housing compared with a typical 30 per cent […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Shock horror

  2. Probably would have been better off putting it under the mattress on this occasion.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com