KPMG called in to clear up the mess

FRESH from its appointment to administrate MF Global UK, KPMG is back in the spotlight as the firm to come in and clean up the mess left by the collapse of WorldSpreads.

The two cases both involved alleged mixing of client and company money, but while MF Global was a huge multinational broker, WorldSpreads is a relatively small and simple business.

KPMG was criticised for taking a long time over MF Global UK and for publishing a detailed list of its creditors. But the company says that it worked out an interim payments system that actually sped things up for creditors. A spokesperson for KPMG also said: “People want transparency in administration and the law requires us to publish the creditor list.”

KPMG’s team on the case is being led by Jane Moriarty and Samantha Bewick.