PWC has been hit with a record fine from the accountancy regulator and one of its partners has been given a 15-year ban from the industry for work carried out on BHS before its controversial sale by Sir Philip Green.
The Financial Reporting Council has fined the accounting giant £10 million, reduced to about £6.5m as part of a settlement, while Steve Denison, who had worked at PWC for more than 30 years, has been handed a £500,000 fine, reduced to £325,000, and a 15-year ban.
The fines are the largest ever imposed by the regulator and the fine against PWC is the maximum that it can impose on the Big Four accounting firms, which also include Deloitte, KPMG and EY.
