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December 6, 2013

FRC closes PwC Barclays investigation

The UK Financial Reporting Council (FRC) has ended its investigation into PwC UK’s conduct while auditing Barclays Capital Securities.

The investigation was in relation to the firm’s role in reporting to the Financial Services Authority (FSA) the banks compliance with the FSA’s client asset rules.

The investigation was launched by the Accountancy and Actuarial Board at the end of 2011, following a consultation with the Institute of Chartered Accountants of England and Wales.

The FRC said it had decided there was no realistic prospect of a tribunal making an adverse finding against the firm and consequently decided than no further action would be taken.

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