Nearly 12,000 people saw their savings trapped when the London Capital and Finance scheme collapsed in 2019.
Accounting giants PwC and Ernst & Young have been hit with multimillion-pound fines by the sector’s watchdog over their audits of failed minibonds firm London Capital and Finance .
Ernst & Young , which was responsible for auditing LC&F’s 2017 accounts, the last before it collapsed, has been fined £4.4 million, with its audit engagement partner Neil Parker paying a £47,250 sanction. Both the EY penalties were also reduced, from an initial £7 million and £75,000 respectively, with the FRC adding that PwC and Mr Parker “gave an exceptional level of co-operation worthy of being treated as a mitigating factor”.
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