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KPMG-audited Aquila Capital reveals years-long compliance failure in UK arm

Non-compliance with UK pensions law would be considered ‘a disclosable event from the firm to the auditor’, says one pensions lawyer

A German fund group, audited by KPMG, has not complied with UK law in its London arm for years, Financial News can reveal
A German fund group, audited by KPMG, has not complied with UK law in its London arm for years, Financial News can reveal Photo: Sean Gallup/Getty Images

A German fund group audited by KPMG has not complied with UK law in its London arm for years, Financial News can reveal.

The German €13bn fund management firm, Aquila Capital has not paid into a pension scheme for its UK employees in the two years since it was first legally required to do so in July 2019, according to an internal email and payslip of one the company’s UK employees seen by FN. The company said it employed seven in its London team as of last month.

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