PwC was the auditor of London Capital & Finance plc (LCF) for a single year only until it resigned and during this time it handled the audit for financial year end 30 April 2016.

The Financial Conduct Authority (FCA) has issued the first fine ever for an audit firm over the Big Four’s failure to notify the regulator of their belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity.

PwC grew suspicious of activity going on at LCF when it was auditing the company in 2016, with concerns raised from the first day of the audit, according to FCA investigators.