{"id":13469,"date":"2012-01-06T08:37:50","date_gmt":"2012-01-06T08:37:50","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=13469"},"modified":"2012-01-06T08:37:50","modified_gmt":"2012-01-06T08:37:50","slug":"pwc-massively-negligent-and-pay-a-fine-of-just-1717-a-partner","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/01\/06\/pwc-massively-negligent-and-pay-a-fine-of-just-1717-a-partner\/","title":{"rendered":"PWC massively negligent and pay a fine of just \u00c2\u00a31,717 a partner"},"content":{"rendered":"<p>PWC have <a href=\"http:\/\/ftalphaville.ft.com\/thecut\/2012\/01\/06\/820861\/record-1-4m-fine-for-pwc\/?ftcamp=crm\/email\/201216\/nbe\/AlphavilleLondon\/product\" target=\"_blank\">been found guilty of massive negligence by the\u00a0Accountancy and Actuarial Discipline Board<\/a>. They persistently failed to protect clients of J P Morgan from loss as required by FSA regulation and law over a period of seven years, and signed reports that were\u00a0blatantly\u00a0wrong in the process. \u00a35 billion of potential loss was at stake.<\/p>\n<p>They have been 'severely reprimanded'.<\/p>\n<p>And the penalty? Just \u00a31.4 million.<\/p>\n<p>Let's put that in context. There are <a href=\"http:\/\/pwc.co.uk\/eng\/aboutus\/index.html\" target=\"_blank\">815 members of PWC in the UK<\/a>\u00a0according to their accounts. So that's \u00a31,717 each. Their average earnings were \u00a3763,000. So that's a fine of 0.2% of earnings each.\u00a0Relate\u00a0that to UK average earnings of \u00a325,000 to get a sense of perspective on that and the\u00a0fine\u00a0for being a partner in a firm so\u00a0massively\u00a0negligent would be \u00a356 each. That's just a bit more, pro rata, than a parking fine then.<\/p>\n<p>If you wanted evidence that there was one rule for the rich and another for the rest then this is it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PWC have been found guilty of massive negligence by the\u00a0Accountancy and Actuarial Discipline Board. They persistently failed to protect clients of J P Morgan from<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/01\/06\/pwc-massively-negligent-and-pay-a-fine-of-just-1717-a-partner\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13469","post","type-post","status-publish","format-standard","hentry","category-pwc"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/13469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=13469"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/13469\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=13469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=13469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=13469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}