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Bank claim: KPMG could be linked to HBOS collapse

The accountancy firm, KPMG, may be investigated over the collapse of HBOS bank.

Shareholder advisory firm Pirc wrote to the Financial Times saying that KPMG should be investigated for the way that it audited HBOS leading up to the financial crisis.

During the crisis, HBOS had to be bought out by Lloyds Banking Group, which, in turn, had to be bailed out by the government.

A spokesperson from the Financial Reporting Council said that KPMG is not currently under investigation but it will be using reports from the Parliamentary Commission on Banking Standards and the Financial Conduct Authority (FCA) to decide whether to approach KPMG.

Pirc also asked that John Griffiths-Jones, who was working for KPMG when HBOS got into difficulty, temporarily step down from his role as FCA chairman until the investigation into KPMG has been completed.

Individuals at HBOS came under scrutiny following the release of a report from the Parliamentary Commission last week, which shamed practices within the bank.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801569693-ADNFCR

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