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KPMG in firing line over BNY Mellon audit

Spiral-Notebook-Business-Corporate-Strategy-700x450.jpgKPMG has begun its defence against a potential £12.5m fine for accounting failures dating back to the financial crisis.

The Times reports that the Financial Reporting Council and KPMG underwent a tribunal hearing yesterday over the audit firm’s decision to sign off BNY Mellon’s accounts.

The FRC claimed KPMG’s misconduct was a “truly exceptional case” that warrants the record fine, the paper reports.

As a custodian bank, BNY was charged with safeguarding £1 trillion of client assets from 2007 to 2011, but the FRC claims regulators were misled over its compliance with the rules by KPMG.

KPMG is looking to pay only a tenth of the fine, having recognised unintentional misconduct.

The spotlight has been turned back on the accounting giant, one of the four largest in the UK, after its role with construction company Carillion also drew attention after its collapse.

The next largest fine ever handed out over accounting failures involved BHS’ collapse, and landed PwC with a £6.5m bill.


L&G, Aberdeen Standard and Baillie Gifford asked to put pressure on Amazon

Trade unions have called on some of Amazon’s leading shareholders to use their influence to fight for better working conditions. Legal & General, Baillie Gifford and Aberdeen Standard were among City heavyweights to hear presentations this month at the TUC’s head office from unions like the GMB, the Guardian reports. A dozen leading fund managers […]


Contingent charging still damaging advice impartiality, says LEBC

Contingent charging throws doubt on whether advice to transfer can be truly transparent and should be removed from the industry as a payment structure, LEBC has argued. Director of public policy Kay Ingram has backed the work and pensions select committee of MPs on their continuing push to ban the contingent charging model this morning. […]

Brewin Dolphin buys Investec’s Irish wealth arm

Brewin Dolphin has sealed its deal to buy the wealth management business of Investec Group in the Republic of Ireland, as it looks to raise £60m more from shareholders in a bid to shore up its capital position and continue expanding after a host of recent acquisitions. Last month, Brewin confirmed it was in “exclusive […]

Portrait of retired woman sitting at the garden while using ebook reader. Senior female using digital tablet and relaxing in her beautiful garden at home.

Bank of Gran

Helen O’Hagan, Technical Manager at Prudential, looks at some of the options to help fund the cost of going to university.  An exciting time for children but not so much for their parents if they have not made financial provision to plan for this expense. And expensive it is! Not only the major items like […]


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