Big Four vs Watchdog: Giants rack up over £154m in fines Big Four The accountancy regulator has handed over £154m in fines to the Big Four firms over the last five years for audit failures
EY slapped with £6.5m fine over Thomas Cook audits Big Four The watchdog has fined Big Four giant EY £6.5m for its audit of the collapsed airline Thomas Cook.
Executives of ‘ponzi scheme’ London Capital & Finance liable for damages Legal Former executives of LCF are liable in the sum of £180m in damages to investors following a court ruling last month that called it a 'ponzi scheme'
London Capital & Finance was a ‘Ponzi scheme’, judge rules November 14, 2024 Former executives of the collapsed London Capital and Finance (LCF) participated in fraudulent conduct, ruled a High Court judge.
PwC fined £15m by FCA after London Capital & Finance fraud failure August 16, 2024 PwC has been fined £15m by the Financial Conduct Authority after it failed to alert the regulator that London Capital & Finance (LCF) might be involved in fraudulent activity. In the first ever fine issued by the FCA to an audit firm, the watchdog said that PwC had encountered “significant issues” throughout their 2016 audit [...]
PwC and EY handed multimillion-pound fines for London Capital & Finance audits May 7, 2024 Three firms, including PwC and Ernst & Young (EY), have been handed fines by the accounting watchdog for their audits of London Capital & Finance (LCF), a minibonds firm which took money from almost 12,000 investors before collapsing in 2019.
Mini-bond trial: London Capital & Finance administrators legal battle against former executives commences February 19, 2024 The administrators of London Capital and Finance (LCF) civil legal proceedings kick off today against the former executives of the company, including its former CEO Michael ‘Andy’ Thomson. The investment company collapsed back in 2019 after an intervention by the Financial Conduct Authority (FCA) following a discovery that LCF was marketing unregulated mini-bonds along with [...]
FCA bans London Capital & Finance boss over scandal which lost investors more than £200m February 13, 2024 The Financial Conduct Authority has fined and banned one of the former bosses of London Capital & Finance today over his role in the mini-bond scandal that left investors millions of pounds out of pocket.
LCF ‘censured’ over minibonds as City watchdog looks to turn page on ‘unjustifiable’ scandal October 11, 2023 The FCA has censured LCF over its minibonds promotions but watchdog admits move won't provide solace to those duped by misleading promotions
A two-tiered debt capital bond market puts economic equality in the UK in peril February 21, 2022 The pledge to tackle economic inequality across the country is a central ambition of this government. What the financial industry can do in this process is a key question of our times. Finding an answer can help define the City’s legacy and the financial industry’s impact on broader society for generations to come. The City [...]