FRC scraps investigation into PwC’s audit of Barclays

by Richard Crump

More from this author

06 Dec 2013

  • Comments

THE FRC has closed its investigation into PwC's conduct as auditors of Barclays Capital Securities after it deemed it unlikely that it would win a tribunal against the firm.

Launched in 2011, the investigation was concerned with the role of PwC in relation to the preparation of reports to the FSA in respect of Barclays Capital Securities' compliance with the FSA's Client Asset Rules for the periods from 1 December 2001 to 29 December 2009.

"It has been decided that there is no realistic prospect that a tribunal would make an adverse finding against the member and member firm concerned. Consequently, no further action will be taken and the case will be closed," the FRC said in a statement.

PwC said in a statement: "We cooperated fully with the FRC in its investigation and are pleased that, having investigated the matter, the FRC has closed it without any action. This confirms our view that there was no case to answer."

Barclays Capital Securities was fined £1.2m by the FSA in January 2011 for failing to provide adequate protection for client money.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send


Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.