Basic Search  |  Summaries  |  Advanced SearchPenalty: £3,500,000
Year: 2019
Date: 1 August, 2019
Offence Group: financial offences
Offence Type: accounting fraud or deficiencies
Violation Description: The Financial Reporting Council announced sanctions against KPMG Audit Plc and a partner in relation to their Client Assets Reports in respect of The Bank of New York Mellon London Branch and The Bank of New York Mellon (International) Ltd for 2011. The sanctions imposed on KPMG by the Tribunal following a hearing on 21-23 May 2019 were: 1. A fine of £5m, discounted by 30% for admissions of Misconduct, to £3.5m; 2. A severe reprimand; and 3. A requirement for a quality performance review process affecting each person who signs a Client Assets Report on behalf of KPMG, and a requirement to provide written reports to the FRC on the details, conclusions and actions arising from the reviews.
Action Type: agency action
Agency: Financial Reporting Council
HQ Country of Parent: Netherlands
Ownership Structure of Parent: privately held
Major Industry of Parent: business services
Specific Industry of Parent: accounting services
Source of Data: (click here)