The UK's five major banks could see their profits take a significant hit in 2012 as regulatory pressures and a series of recent scandals take their toll, according to KPMG.
The four largest accountancy firms in the UK have been criticised for being too dominant by the Competition Commission.
The directors of the suspended £117m Axiom Legal Financing fund have caved in to pressure from shareholders to replace KPMG as receiver of the fund with Grant Thornton.
MF Global's UK administrator KPMG has confirmed it may be able to double payouts to customers and make its first creditor payments after a three-way settlement was agreed.
The managers of the suspended £117m Axiom Legal Financing fund carried out "little or no due diligence" on the cases in which they invested shareholders' money, according to KPMG.
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The government has appointed John Griffith-Jones, the chairman of KPMG, as the non-executive chair designate of the Financial Conduct Authority (FCA).
Advisers are shying away from recommending pension savers take sufficient risk to grow their retirement portfolios over fears they will be punished by regulators, KPMG has said.
Clients of troubled spreadbetting firm Worldspreads have moved a step closer to getting funds back through the Financial Services Compensation Scheme (FSCS) after administrators KPMG began sending out final statements.