UK Probes 3 Auditors Of Failed LC&F Minibond Vendor

Law360, London (June 24, 2020, 11:47 AM BST) -- The accounting regulator said Wednesday it is starting an investigation into the three auditors of London Capital & Finance, the investment company that collapsed in 2019 leaving almost 12,000 investors facing losses of up to £237 million ($296 million).

The Financial Reporting Council is to scrutinize  audits carried out by Big Four companies PricewaterhouseCoopers LLP and Ernst & Young and Oliver Clive & Co. — a London based accountant — after all three companies signed off LC&F books between 2015 and 2017.

LC&F went bust in early 2019 after the Financial Conduct Authority froze its bank accounts over the marketing of so-called...

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