Official statements or press releases from PwC

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.