The Report of the Financial Reporting Council Disciplinary Tribunal (chaired by Sir Stanley Burnton) in relation to KPMG Audit Plc’s 2011 CASS audits of two Bank of New York Mellon Group companies has just been published and is available here. Fountain Court members were instructed by both Executive Counsel to the FRC and the Respondents. The alleged misconduct had been admitted prior to service of the Formal Complaint and the hearing concerned sanctions only. The Executive Counsel to the FRC, represented by Raymond Cox Q.C. and Rupert Allen, had sought a fine of at least £12.5m against KPMG and £200,000 against KPMG partner Richard Hinton. KPMG and Mr Hinton, represented by Bankim Thanki Q.C. and James Cutress Q.C. instructed by Freshfields Bruckhaus Deringer (Piers Reynolds and Rami Royle), disputed the sizes of the fines sought. In summary, in addition to substantially agreed non-financial sanctions, the Tribunal awarded a fine of £5m against KPMG, discounted by 30% on account of admissions to £3.5m. A fine of £75,000, discounted by 30% to £52,500 on account of admissions, was awarded against Mr Hinton.