Today’s news in brief – 16/8/2024

The FCA has fined PwC £15m for failing to report suspicions of fraudulent activity during its 2016 audit of London Capital and Finance (LCF). Despite encountering significant issues, PwC did not alert the FCA, even though it was legally obligated to do so. LCF collapsed in 2019, misleading thousands of investors through inaccurate promotional materials for mini-bonds. The FCA criticised PwC for depriving the regulator of vital information that could have been crucial in preventing the firm's failure. PwC has settled with the FCA, acknowledging an unintentional breach in reporting. PwC has appointed Jon Roe as a partner in its deals practice, focusing on value creation and realisation. Roe, previously with global consulting firm Ankura, brings over 20 years of experience in infrastructure and capital projects. He returned to PwC, where he had earlier served in capital project services in the UK and Middle East. In his new role, Roe will lead the firm’s capital projects and infrastructure efforts, particularly in private capital. PwC highlights Roe’s expertise in complex infrastructure programs as a key asset in driving growth and expanding market opportunities in this sector. The Financial Reporting Council (FRC) has launched a discussion paper on the future of digital reporting in the UK, in collaboration with other regulatory bodies. The paper addresses recent regulatory changes, including the Economic Crime and Corporate Transparency Act 2023, and explores the future of UK taxonomies, alternatives to the European Single Electronic Format (ESEF), and mandatory digital tagging. The FRC aims to gather feedback from stakeholders, including accountants, investors, and software vendors, to shape digital reporting standards that enhance transparency, efficiency, and comparability. The initiative seeks to ensure that UK digital reporting meets evolving market and regulatory needs. Newcastle-based accountancy firm UNW has promoted Peter Sym to partner in its Audit and Assurance team. Sym, who joined the firm as a graduate trainee in 2014, is the first person in UNW’s history to rise from trainee to partner. With 10 years of experience, Sym has worked across various sectors, advising clients ranging from local businesses to international groups. UNW, known for its strong focus on people development, recently promoted 12 team members, highlighting its commitment to nurturing talent. Sym’s promotion reflects UNW’s strategy of investing in staff development to strengthen its service offerings and pursue new market opportunities.