Notice of resumed hearing in respect of KPMG LLP and Mr David Costley-Wood concerning Silentnight
01 June 2021
Disciplinary Tribunal hearing of a Formal Complaint under the Accountancy Scheme in respect of KPMG LLP and ICAEW member Mr David Costley-Wood concerning Silentnight.
The matter is listed to continue at a resumed hearing of the Disciplinary Tribunal of the Financial Reporting Council ("FRC") on Monday 21 June and Tuesday 22 June 2021 at 09.30 am
to consider a Formal Complaint against (1) KPMG LLP, a member firm of the ICAEW and (2) David Costley-Wood, a partner in KPMG LLP and ICAEW member
This hearing will take place remotely, by a virtual conferencing facility operated by The International Dispute Resolution Centre, London. The hearing will be live streamed on YouTube, and may be viewed at the following links:
Monday 21 June 2021:
Day 1: https://youtu.be/VkguPHrkyoo
Tuesday 22 June 2021:
Day 2: https://youtu.be/OfjXQzVVJuI
The Formal Complaint relates to the Respondents’ conduct in the period August 2010 to April 2011 relating to companies trading under the name “Silentnight”.
The Formal Complaint alleges that:
- KPMG and Mr Costley-Wood advised and / or assisted Silentnight and a third party, and accepted and performed an engagement for Silentnight, in circumstances where their professional judgment was compromised (or was likely to be compromised) and their objectivity was impaired (or was likely to be impaired), contrary to the Fundamental Principle of Objectivity in the ICAEW Code of Ethics;
- KPMG and Mr Costley-Wood knowingly or recklessly assisted with the provision of untrue and/or misleading and/or materially incomplete explanations to the Pension Protection Fund (PPF), the Pensions Regulator, Silentnight and the trustees of the Silentnight Pension Scheme in relation to Silentnight, in breach of the Fundamental Principle of Integrity in the ICAEW Code of Ethics.