Financial Reporting Council · United Kingdom
PricewaterhouseCoopers LLP: fine by Financial Reporting Council
Audit or matter: Wyelands Bank plc (FY2019 audit)
Decision date25 March 2025
SanctionFine
Amount as stated£4,500,000 before discounts, £2,885,625 payable
StatusFinal
NetworkPwC
What the regulator found
The FRC said PwC admitted breaches in six areas including risk assessment, related party transactions, going concern and expected credit loss provisions, stemming mainly from the audit team not properly understanding the bank's lending or its exposure to GFG Alliance related parties. The FRC said the notice does not allege that the breaches caused or contributed to the bank's closure. PwC also received a severe reprimand.1
Status: Final1
Sources
- Financial Reporting Council, Sanctions against PricewaterhouseCoopers LLP and Jonathan Hinchliffe (25 March 2025)