PwC fined £2.9 million for audit failures at Gupta-owned Wyelands Bank.

The UK's Financial Reporting Council has fined PwC £2.9 million for audit failures at the now-defunct Wyelands Bank, owned by Sanjeev Gupta. PwC failed to properly assess risks related to the bank's exposure to Gupta's GFG Alliance companies. The fine was reduced from £4.5 million due to the firm's cooperation. The audit issues highlighted key weaknesses in understanding the bank’s financial activities and related party transactions.