The FCA fined PwC £15m for failing to report suspected LCF fraud before its collapse.

The UK's Financial Conduct Authority (FCA) fined PwC £15m for failing to report suspected fraud at collapsed minibond firm London Capital & Finance (LCF), marking the first time an audit firm has been fined by the regulator. PwC encountered red flags in a 2016 audit, including inaccurate information provided by LCF, but did not report its suspicions of fraud to the FCA immediately. LCF collapsed in early 2019, owing around £237m to nearly 12,000 people.

August 16, 2024
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