September 19, 2018 / 6:24 AM / a month ago

UK regulator says KPMG admits misconduct linked to BNY Mellon unit's compliance reports

Sept 19 (Reuters) - UK’s financial regulator said on Wednesday KPMG and one of its partners had admitted to misconduct in relation to their 2011 compliance reports for a unit of Bank of New York Mellon Corp and its London branch.

The Financial Reporting Council (FRC) said KPMG and partner Richard Hinton admitted to falling short of FRC standards and that a disciplinary tribunal will be convened to decide what sanctions should be imposed. (Reporting by Noor Zainab Hussain and Muvija M in Bengaluru; Editing by Amrutha Gayathri)

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