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UK FRC closes probe into PwC over role in reporting Barclays Bank compliance

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UK FRC closes probe into PwC over role in reporting Barclays Bank compliance

The U.K.'s Financial Reporting Council said it closed its investigation into auditing firm PricewaterhouseCoopers LLP regarding its role in reporting to the Financial Conduct Authority's predecessor, the Financial Services Authority, on Barclays Bank Plc's compliance with the FSA's client asset rules between the end of 2007 and the end of 2011.

The FRC concluded that there is not a realistic prospect that a tribunal would rule against PwC.

In 2015, parent Barclays Plc ended a 119-year relationship with PwC after it selected KPMG as its auditor for 2017, with the bank's decision coming amid the FRC's probe into PwC.