PwC fined for keeping LCF suspicions from FCA despite audit staff's concerns

The United Kingdom's largest accountancy firm, PwC, has become the first auditor to be fined by the FCA - incurring a £15 million penalty after it failed to alert the regulator to suspected fraud at London Capital & Finance (LCF).

By Neasa MacErlean

Despite the major concerns of various individuals at PwC, the firm decided to give a green flag in October 2016 to the annual accounts prepared to April of that year.