Auditor KPMG has been fined £5m ($6.3m) after failing to identify that the Financial Reporting Council 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 BNY Mellon, following a tribunal. KPMG has paid £21m in fines since June last year, and reported £2.3bn in revenues 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.