The UK financial services watchdog has fined PwC a record £15m after audit staff failed to tell regulators they suspected fraud at a City firm that collapsed in 2019, leaving more than 11,000 investors almost £240m out of pocket.
It marks the first Financial Conduct Authority (FCA) fine against an auditor, and comes three months after PwC was hit with a £4.9m separate penalty by the Financial Reporting Council over the handling of London Capital & Finance’s accounts.
