Three auditors which signed off the books of collapsed savings firm London Capital & Finance (LCF) are being investigated by the accounting watchdog.
Big Four accountants EY and PwC and smaller rival Oliver Clive & Co will face questions from the Financial Reporting Council (FRC) over why no warning dachshund puppies for sale near me signs were spotted before LCF went bust last year, leaving 11,600 investors facing losses of up to £237m.
Administrators later found that customers’ money had been spent on a riding stables, a helicopter and what they termed “highly suspicious” property developments in the Cape Verde islands.
The three auditors signed off LCF’s accounts between 2015 and 2017. EY and PwC oversaw a set of annual results in 2016 and 2017 respectively, while London-based Oliver Clive audited the company for a month in April 2015.
The investigations will be conducted by the FRC’s enforcement division,