‘Big four’ accountancy firms PwC and EY fined over LC&F audit failures

Firms fined millions after London Capital & Finance’s 2019 crash wiped out customers’ savings

“Big four” accountancy firms PricewaterhouseCoopers and EY have been fined a combined £9.3m for a series of failures in auditing the accounts of London Capital & Finance, the collapsed mini-bond firm that wiped out the investments of thousands of savers.

It concludes a near four-year investigation by the Financial Reporting Council (FRC) into how auditors breached their duties while reviewing the firm’s finances in the years leading up to its demise in 2019.