Lead Story Picture — Auditing failings at major companies show accounts "bearing closer resemblance to works of fiction" than to the true financial performance of the business, the head of a parliamentary committee says. (AP)

UK Lawmakers Launch Probe Into 'Broken' Audit Market

A fresh investigation is to be launched into the state of auditing in the U.K., the head of a parliamentary committee revealed on Monday, in the wake of a series of accounting scandals and corporate collapses that have “undermined public and investor confidence.”

A London court has ruled that 23 former executives at AIG are entitled to deferred bonuses pre-dating the financial crisis that could be worth more than $100 million despite the units' involvement in the risky trading that nearly brought down the insurance giant.

Watchdog Needs Help In 'David and Goliath' Fights, MPs Say

The U.K.'s accounting regulator could need more funding if it is to avoid "David and Goliath" battles with “corporate giants” such as BHS Ltd., the retail chain that collapsed in 2016 with a £571 million ($733 million) pension deficit, two senior lawmakers have said.

MPs Probe Whether Bank Closures Hit Vulnerable Customers

Parliament's influential Treasury Committee launched an investigation on Friday into whether financial services companies are excluding and overcharging vulnerable customers, after thousands of local bank branches closed down across the U.K.

5 Jailed After £1M Insurance Fraud Targeted Zurich, Allianz

A criminal gang that defrauded Zurich, Ageas, Allianz and 11 other insurers out of nearly £1 million ($1.3 million) has been jailed for a total of 14 years following the largest investigation of its kind, City of London Police said on Friday.

EU Orders Malta To Scrutinize Banks For Money Laundering

Brussels instructed Malta’s money laundering watchdog on Thursday to sharpen its domestic banking supervision, three days after the European Central Bank withdrew a local lender’s license over its alleged links to dirty money.