KPMG fined £13 million for Silentnight misconduct

The UK's Financial Reporting Council has “severely reprimanded” KPMG and fined it £13 million for its conduct in the decade-old pre-pack sale of bedmaker Silentnight, describing a “deeply troubling” scenario in which now-retired partner David Costley-Wood misled his client and the Pension Protection Fund to help prospective client HIG Capital acquire the bedmaker after dumping its pension scheme.