KPMG fined in UK over audit

Accounting giant KPMG has been fined and reprimanded by UK regulators over a defective audit of Britain’s Co-op Bank and its audits of lenders will face additional checks for three years.

Britain’s Financial Reporting Council said KPMG had been fined £5m reduced for a settlement to £4m (€4.6m). KPMG audit partner Andrew Walker was also fined £125,000, discounted for settlement to £100,000, and reprimanded.