Ex-KPMG auditor Stuart Smith has been suspended for three years and fined £150,000 for misleading the accounting watchdog's inspectors reviewing the firm’s 2014 audit of Regenersis.

The claims against Smith were due to be part of a tribunal which started on 11 January, however, Smith settled with the Financial Reporting Council and has not taken part in the case. KPMG also admitted misleading the FRC as part of the settlement with Smith.