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KPMG To Face Sanctions For Flawed Reports On BNY Mellon

Law360, London (April 29, 2019, 4:01 PM BST) -- International auditing giant KPMG and one of its partners will face a disciplinary hearing from the U.K. Financial Reporting Council in May after they admitted misconduct when preparing reports about BNY Mellon, the accountancy watchdog said Monday.

KPMG Audit PLC and Richard Hinton have conceded that they mishandled reports for the Financial Conduct Authority into whether The Bank of New York Mellon (International) Ltd. and its London branch had complied with rules designed to safeguard more than £1 trillion ($1.29 trillion) of clients’ assets, the FRC revealed in September.

The FRC’s disciplinary tribunal will begin a hearing to consider potential penalties in...

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