‘Wake-up call’ for UK financial firms as internal audit failures drive £1bn fines

UK financial services firms, which faced £1bn worth of fines since 2021 for internal control failings, should be “seriously concerned”, says the Chartered Institute of Internal Auditors (CIIA).   More than half of the 97 Financial Conduct Authority (FCA) enforcement cases analysed by CIIA relate to firms “not getting the basics right”, with many linked [...]

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