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PwC fined £2.9mn for audit failures at Sanjeev Gupta’s former bank

Summary by Financial Times
Big Four firm admits it failed to recognise risks posed by bank’s loans to steel magnate’s wider business empire

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The IndependentThe Independent
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BizTocBizToc
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PwC fined £2.9m over audit of Sanjeev Gupta’s Wyelands Bank

The Financial Reporting Council said there were ‘serious failings’ by the Big Four financial services group.

·London, United Kingdom
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Financial TimesFinancial Times
Center

PwC fined £2.9mn for audit failures at Sanjeev Gupta’s former bank

Big Four firm admits it failed to recognise risks posed by bank’s loans to steel magnate’s wider business empire

·London, United Kingdom
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International Accounting BulletinInternational Accounting Bulletin

UK FRC fines PwC over Wyelands Bank audit failures

UK’s accounting watchdog Financial Reporting Council (FRC) has imposed a fine of £4.5m ($5.82m) on PwC for audit failures related to Wyelands Bank’s financial year ending 30 April 2019. PwC and the audit’s lead, Jonathan Hinchliffe, have admitted to several breaches of relevant requirements during the audit. However; the fine against PwC, originally set at £4.5m, has been reduced to £2.89m after adjustments for cooperation and early resolution. …

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Global Trade Review (GTR)Global Trade Review (GTR)

PwC cops fine over Wyelands audit

Accounting giant PwC has been fined £2.89mn for failures in its audits of defunct trade finance lender Wyelands Bank.  The UK’s accounting regulator, the Financial Reporting Council (FRC), says PwC and its statutory auditor of Wyelands, Jonathan Hinchliffe, failed to recognise or properly consider the risks of the bank’s dependence on business with members of the GFG Alliance of companies linked to businessman Sanjeev Gupta.   Wyelands was taken…

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Accounting TodayAccounting Today

PwC fined over bank audit by UK watchdog

A U.K. watchdog fined PricewaterhouseCoopers LLP and one of its accountants over their flawed audit of Sanjeev Gupta's Wyelands Bank following the collapse of the trade finance specialist Greensill Capital.

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luxtimes.luluxtimes.lu

PwC fined over audit of Gupta’s Wyelands Bank by UK watchdog

Big Four firm fined £2.9 million, with one of its accountants also ordered to pay £33,412 over 2019 audit

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Financial Times broke the news in London, United Kingdom on Tuesday, March 25, 2025.
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