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01 August 2019
KPMG has been fined £5m and severely reprimanded for its failings to follow the rules of “very great importance to the financial system” in its preparation of client asset reports by BNY Mellon in 2011.
The FRC fines were, however, reduced by 30% to £3.5m.
The audit watchdog also reprimanded partner Richard Hinton £52,500 for his ‘failure’.
The Big 4 firm is also required to undergo a quality performance review process affecting each person who signs a client asset report on behalf of KPMG.
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