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Watchdog probes KPMG's Bank of New York Mellon conduct | |
(about 1 hour later) | |
The UK's accountancy watchdog has opened an investigation into how KPMG reported on Bank of New York Mellon's international business. | |
The Financial Reporting Council will investigate how KPMG confirmed that the bank's UK and international branch complied with UK customer protection rules from 2007 to 2012. | The Financial Reporting Council will investigate how KPMG confirmed that the bank's UK and international branch complied with UK customer protection rules from 2007 to 2012. |
The probe was prompted by a Financial Conduct Authority fine of the bank. | The probe was prompted by a Financial Conduct Authority fine of the bank. |
BNY Mellon was fined £126m in April for failing to protect customer assets. | BNY Mellon was fined £126m in April for failing to protect customer assets. |
The fine was the eighth largest imposed by the FCA, and was levied over BNY Mellon's London branch failure to keep customer money safe during the financial crisis. | The fine was the eighth largest imposed by the FCA, and was levied over BNY Mellon's London branch failure to keep customer money safe during the financial crisis. |
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