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EY, PwC fined by audit regulator over London Capital & Finance work

Watchdog finds multiple errors in audits of the now-collapsed mini-bond provider

EY is one of three beancounters to receive a reprimand after the mini-bond firm’s failure
EY is one of three beancounters to receive a reprimand after the mini-bond firm’s failure Photo: Joan Cros/Getty Images

EY and PwC have both been fined £7m over significant failings in their audits of the now-collapse mini-bond firm London Capital & Finance.

LCF sold high-risk, unregulated investments to retail investors, and owed £237m to some 11,500 bondholders by the time it went into administration in 2019.

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