Auditor plc has been fined £ 5 m ( $ 6.3 ##m ) after failing to identify that BNY Mellon had not separated £ 1tn of customers ' savings from its own funds , creating needless risk . The penalty was reduced from the record of 12.5 m imposed by the Financial finance Council , following a tribunal . KPMG has paid £ 21 m in fines since its last week , and reported £ 2.3bn in fines for 2018 .
Auditor KPMG has been fined £5m ($6.3m) after failing to identify that BNY Mellon had not separated £1tn of customers' savings from its own funds, creating needless risk. The penalty was reduced from the record £12.5m sought by the Financial Reporting Council, following a tribunal. KPMG has paid £21m in fines since June last year, and reported £2.3bn in revenues for 2018.