Raymond Doherty 5 Oct 2017 12:54pm

FRC drops PwC Barclays investigation

The Financial Reporting Council has closed its investigation into PwC’s conduct as auditor of Barclays Bank

The probe related to the Big Four firm’s role in reporting to the Financial Services Authority (FSA) on the bank’s compliance with the FSA’s client asset rules for the years ended 31 December 2007 to 2011.

The accountancy watchdog announced today, almost three years after it began, that it had dropped the case as there was no “realistic prospect that a tribunal would make an adverse finding” against PwC.

In 2013, the FRC closed a separate investigation into PwC’s role as auditor over the period 1 December 2001 to 29 December 2009.