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What new regulatory actions will be taken against audit firms in the UK following the PwC fine by end of 2024?
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Resolution / Starting Odds
New fines imposed • 25%
New regulations introduced • 25%
Both fines and regulations • 25%
No new actions • 25%
Official announcements from the FCA or other regulatory bodies
Story
PwC Fined £15 Million ($19 Million) by FCA for Failing to Report LCF Fraud
Aug 16, 2024, 09:26 AM
PricewaterhouseCoopers (PwC) has been fined £15 million ($19 million) by the UK's Financial Conduct Authority (FCA) for failing to alert the regulator to suspected fraudulent activities at London Capital & Finance (LCF), which collapsed in 2019. This penalty marks the first time a UK regulator has imposed a fine on an audit firm. The FCA cited PwC's failures in the marketing of LCF minibonds as a significant factor in the decision. The government has paid £115 million to bondholders and an additional £57.6 million in compensation due to the collapse of LCF. Despite the fine, PwC partners collected fees during the period in question.
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Similar fines and suspensions • 25%
Lesser penalties • 25%
No actions taken • 25%
Stricter regulations imposed • 25%
Additional fines • 25%
Extended suspension • 25%
Criminal charges • 25%
No further action • 25%
Recordkeeping failures • 25%
Insider trading • 25%
Market manipulation • 25%
Other • 25%
Financial Conduct Authority (FCA) • 25%
Securities and Exchange Commission (SEC) • 25%
European Central Bank (ECB) • 25%
Other regulatory bodies • 25%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Positive response • 25%
Neutral response • 25%
Negative response • 25%
No official response • 25%