Accountancy firm Mazars and one of its senior partners have been handed a combined £2 million penalty over their approval of Pension Corporation's 2007 acquisition of the UK wine retailer Threshers and its pension scheme.

The fine, and accompanying "severe reprimands" for Mazars and its partner Richard Karmel, brings to an end the investigations of the Financial Reporting Council - which regulates accountants and actuaries - into the deal.