Accounting’s watchdog ends investigation into PwC’s audit work at Barclays, deciding there is “not a realistic prospect” of an adverse finding.
Accountancy’s watchdog has closed a three-year investigation into Barclays’ auditor PwC, after deciding there was “not a realistic prospect” of winning a tribunal.
The Financial Reporting Council (FRC) launched an investigation in September 2014 into PwC’s role in reporting the bank’s compliance, between 2007 and 2011, with what was then the Financial Services Authority’s (FSA) client asset rules.
Barclays was fined more than £1m in 2011 by the FSA for mixing Barclays Capital money and up to £752m in client funds on an intraday basis for several years—despite segregating the money at night. The "mixing" of money caused
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