The audit industry watchdog has fined KPMG £3.5m over failures in work it undertook for BNY Mellon, the custodian bank.
The penalty from the Financial Reporting Council comes the day after the regulator reported a substantial increase in the levies it imposed on the firms it oversees during the 2018-19 financial year. Scrutiny of the Big Four – KPMG, Deloitte, EY and PwC – has intensified following a number of high-profile corporate failures.
