PwC fined record £1.4m over JPM auditing errors

The bank was itself fined £33.3m by the Financial Services Authority (FSA) in 2010 for failing to protect client money by properly separating it from its own. The Accountancy and Actuarial Discipline Board (AADB) fined PwC for failing to spot this practice. The fine, which would have been £2m but was reduced because JPM co-operated with its inquiries, relates to reports compiled by the accountancy firm between December 2002 and 2008. "PwC accepted that it did not carry out its professional work in relation to these reports with due skill, care and diligence and with proper regard f...