KPMG’s poor auditing led to the loss of people’s pensions, jobs, businesses, savings and homes

Political Decisions

KPMG, described on its website as one of the Big Four accountants, has been fined £5 million by the Financial Reporting Council (FRC), a statutory body (set up by government) which polices big accountants.  It was also ordered to pay over £2.75m in costs, for serious misconduct in its role in the 2011 sale of bed retailer Silentnight to a private equity group.

CityAM reports that FRC’s independent tribunal found that KPMG and one of its partners did not comply with the UK professional accounting principles in June, while advising on the sale of Silentnight to US private equity firm HIG Capital through a pre-pack administration in 2011, according to the Financial Times.

KPMG’s fines (2019-2021, below right) are paid to a group protecting them from reforms

The Pension Protection Fund, which runs pensions schemes for the staff of collapsed firms including Toys R Us and Austin Reed, wants…

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