LONDON Dec 6 Britain's accounting watchdog said
on Friday it had dropped its investigation into PwC's
preparation of compliance reports for Barclays Capital
Barclays was fined 1.1 million pounds in January 2011 for
failing to segregate customer money over a period of eight years
and the Financial Reporting Council opened a probe into the
bank's auditor PwC at the end of 2011.
The investigation covered PwC's reports for the Financial
Services Authority on how Barclays Capital Securities was
complying with FSA rules on protecting client money from Dec. 1
2001 to Dec. 29, 2009.
The FRC said in a statement there was no realistic prospect
that an independent tribunal would back the watchdog.
"Consequently, no further action will be taken and the case
will be closed," the FRC said in a statement.
PwC, one of the world's "Big Four" accounting firms, said it
had cooperated fully with the FRC and was pleased the
investigation was now closed.
"This confirms our view that there was no case to answer,"
PwC said in a statement.