KPMG Fined £3.5M For Faulty BNY Mellon Reports

Law360, London (August 1, 2019, 1:24 PM BST) -- An audit tribunal has fined KPMG £3.5 million ($4.2 million) for failing to adhere to rules of “great importance to the financial system” when it produced compliance reports for BNY Mellon, a fraction of the £12.5 million the industry watchdog was seeking.

The Financial Reporting Council's disciplinary tribunal has fined KPMG £3.5 million ($4.2 million) over conduct described by a lawyer for the watchdog as "severe." (AP) The disciplinary tribunal of the Financial Reporting Council also fined KPMG International partner Richard Hinton £52,500 over client asset reports from 2011, which he had signed on behalf of the Big Four audit company. Both KPMG and...

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