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VisitWill PwC face additional fines from FCA related to LCF fraud by end of 2024?
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Official announcements from the FCA
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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