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 - Copyright CHARLES PLATIAU(Reuters)

By Reuters

Published on 19/09/2018 - 08:34•Updated 10/05/2024 - 21:01

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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.