The FCA has censured audit firm Macintyre Hudson LLP, which over a 4 year period did not prepare 4 client asset reports relating to 2 firms to the required standard. The reports did not report 25 rule breaches, which could have put customer monies at risk. The FCA noted that, although the failings were serious, the impact on consumers of the unreported breaches would not in fact have resulted in significant harm had the relevant firm failed. As a result, the FCA thought a censure the appropriate action to take.
Published date: 15 August 2024
