KPMG hit with Quindell penalty

KPMG has been fined £4.5 million by the accountancy watchdog over its audit of insurance firm Quindell.

The Financial Reporting Council said yesterday that it has also ordered KPMG’S audit engagement partner, William Smith, to pay £120,000. KPMG’S fine was discounted for settlement to £3.15m and Smith’s knocked down to £84,000. Quindell, now renamed Watchstone, was hit by a series of scandals in 2015.