Overview

• PwC identified several red flags indicating potential fraud but did not report them to the FCA promptly.
• The audit firm signed off on London Capital & Finance's accounts despite suspecting fraudulent activities.
• London Capital & Finance collapsed in 2019, owing £237 million to nearly 12,000 investors.
• The FCA criticized PwC for depriving the regulator of potentially vital information by not acting immediately.
• PwC has settled with the FCA, acknowledging an unintentional reporting breach.