Disciplinary Tribunal hearing
30 October 2020
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 for a hearing of the Disciplinary Tribunal of the Financial Reporting Council ("FRC") commencing on Monday 16 November 2020 at 09.30 am and continuing daily thereafter until Friday 11 December 2020.
The Disciplinary Tribunal will 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 an ICAEW member.
In light of the prevailing circumstances relating to Covid-19, 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:
Day 1: https://youtu.be/SzAUicoU2QA
Day 4: https://youtu.be/yD7F4Ux917U
Please use the Day 18 link (https://youtu.be/ckpGIvNUjus
) rather than the Day 19 link for the YouTube feed today
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.