BREAKING NEWS

BREAKING NEWS

UK regulator says KPMG admits misconduct linked to BNY Mellon unit's compliance reports

UK regulator says KPMG admits misconduct linked to BNY Mellon unit's compliance reports
FILE PHOTO: The logo of KPMG, a professional service company, is seen at the company's head offices at La Defense business and financial district in Courbevoie near Paris, France. May 16, 2018. REUTERS/Charles Platiau -
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CHARLES PLATIAU(Reuters)
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(Reuters) - UK's financial regulator said on Wednesday KPMG and one of its partners had admitted to misconduct in relation to their 2011 compliance reports for a unit of Bank of New York Mellon Corp <BK.N> and its London branch.

The Financial Reporting Council (FRC) said KPMG and partner Richard Hinton admitted to falling short of FRC standards and that a disciplinary tribunal will be convened to decide what sanctions should be imposed.

(Reporting by Noor Zainab Hussain and Muvija M in Bengaluru; Editing by Amrutha Gayathri)

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