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Auditors PricewaterhouseCoopers (PwC) has been fined £1.4m for failing to spot client money handling errors at J.P.Morgan bank.
The bank was itself fined £33.3m by the Financial Services Authority (FSA) in 2010 for failing to protect client money by properly separating it from its own.
The Accountancy and Actuarial Discipline Board (AADB) fined PwC for failing to spot this practice.
The fine, which would have been £2m but was reduced because JPM co-operated with its inquiries, relates to reports compiled by the accountancy firm between December 2002 and 2008.
"PwC accepted that it did not carry out its professional work in relation to these reports with due skill, care and diligence and with proper regard for the applicable technical and professional standards expected of it," said an AADB statement.
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Bear in mind that this is the outfit to whom the Regulator turns for help and advice and from whom they recruit many of their senior people (the infamous revolving door). Indeed the very outfit who are currently the administrators of Keydata. As the accountancy body has already said this is in fact a piffling fine in relation to the size of the firm. Great when you have influence isn’t it! By comparison it would be equivalent to me being fined 50p for a serious breach and there ain’t much hope of that – so I’d better take even more care to keep my nose clean!
Posted by: Harry Katz