PwC to defend itself over JP Morgan report

A DATE has been set for PwC to defend itself against alleged failings during its time as auditor of JP Morgan Securities.

The Accountancy and Actuarial Disciplinary Board (AADB) will square up to the Big Four firm on 28 November at the International Dispute Resolution Centre.

The Financial Services Authority (FSA) claims reports logged by PwC in respect of JP Morgan Securities’ compliance with FSA Client Asset Rules were sub-standard for the six years to 31 December 2008.

A spokesperson for the firm, said: “PwC has cooperated fully with the AADB investigation. It is naturally a matter of regret that, in respect of one aspect of our work, we did not meet our normal high standards. However, as the tribunal will be considering this matter in due course, it would not be appropriate for us to comment further at this stage.”

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