01 · In plain English
What happened.
The FCA fined PricewaterhouseCoopers LLP £15,000,000 on 16 August 2024 for failing to act appropriately on information in its audit work relating to suspected fraudulent activity at London Capital & Finance plc. The breach was of Regulation 2 of the Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001, which requires auditors to notify the regulator when they have reasonable grounds to suspect relevant wrongdoing. The FCA imposed a financial penalty in its Final Notice; the notice itself records the regulatory breach and penalty.
Summarised from the FCA's notice and press reports. The FCA's own text and documents below are the authoritative record.
02 · Enforcement details
What the FCA published.
On 16 August 2024, the Financial Conduct Authority fined PricewaterhouseCoopers LLP £15,000,000. This Final Notice refers to the breach of Regulation 2 of the Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001 (SI 2001/2587) related to failing to act on information appropriately in the audit sector. We imposed a financial penalty. Source: the FCA's published list of 2024 fines.
03 · Firm details
Firm on the FCA register.
- Firm name
- PricewaterhouseCoopers LLP
- Firm reference number
- 222043
- Register status
- No longer registered as an Appointed Representative
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