UK Watchdog Fines PwC £1.4M For Shoddy JPMorgan Audit

Law360, New York (January 5, 2012, 10:10 PM EST) -- A U.K. disciplinary board has hit auditor PricewaterhouseCoopers LLP with a record fine of £1.4 million ($2.2 million) for wrongly telling British financial regulators that the securities wing of JPMorgan Chase & Co. was properly handling its clients' money, regulators announced Thursday.

The Accountancy and Actuarial Discipline Board said that PwC admitted that it had fallen short of the standards expected of it when it reported between 2002 and 2008 that J.P. Morgan Securities Ltd. kept client money in segregated accounts.

“PwC admitted that it failed...
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