British authorities investigate KPMG

The British Financial Reporting Counsel is investigating KPMG for its audit work at Bank of New York Mellon, reports Reuters.

Earlier this year, the counsel fined BNY Mellon 126 million pounds for inadequately protecting customers during the financial crisis, says Reuters. KPMG was responsible for auditing these protections and reporting to authorities, Reuters says.

Read: Should advisors here follow U.K. and Australia?

KPMG says it’s cooperating with the investigation.

Read more here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.