By Marcus Leach

PricewaterhouseCoopers (PwC) have been handed a £1.4 million fine by the Accountancy and Actuarial Discipline Board (AADB) for their conduct when auditing the accounts of JP Morgan bank.

The Financial Services Authority fined JP Morgan £33.3 million in 2010 for failing to protect clients' money by lumping it in with its own.

And now PwC have been fined for failing to spot this when they audited the banks' books. Instead, PwC told the FSA JP Morgan had followed the rules.

"PwC accepted that it did not carry out its professional work in relation to these reports with due skill, care and diligence and with proper regard for the applicable technical and professional standards expected of it," said a statement from the AADB.

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