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KPMG has been fined £6m, “severely reprimanded” and told to undertake an internal review over the way it audited an insurance company.
The Financial Reporting Council (FRC) said it related to the 2008 and 2009 audits of Syndicate 218, a firm based at the Lloyds of London market.
Mark Taylor, a partner at KPMG, and former partner Anthony Hulse have both each been fined £100,000.
It follows an independent tribunal hearing in December 2017.