The product, known as a Bond Linked Issue Premium Structure (Blip), was unearthed by US investigators as part of Senate hearings on tax shelters, which gets underway this week.
KPMG’s efforts to sell Blips, which have since been outlawed by American authorities, will take centre stage during the hearings.
The firm sold the product through an aggressive telemarketing campaign, reported the Financial Times newspaper.
KPMG said the products were no longer in use and it had reviewed its tax products and discontinued several marketing practices.
The hearings could lead to new legislation in the US, which would increase the fines levied on groups who promote tax shelters.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars