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Regulator Fines KPMG £4M Over Flawed Co-op Audit

Law360, London (May 8, 2019, 12:15 PM BST) -- Britain's accounting watchdog said Wednesday it has fined KPMG £4 million ($5.2 million) for misconduct over its audit of The Co-operative Bank PLC after the lender's doomed merger with one of the U.K.'s largest building societies.

The Financial Reporting Council announced it has "severely reprimanded" KPMG and fined it £4 million ($5.2 million) for misconduct over its audit of The Co-operative Bank. (AP) The Financial Reporting Council announced that it has "severely reprimanded" the accounting giant. KPMG's audits of lenders will have to be double-checked internally — by a team that will report to the regulator — for three years....

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