Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government who received (1) the £13 million fine levied from KPMG, and (2) the £500,000 levied from KMPG’s insolvency partner, as ordered by the Financial Report Council after the Silentnight insolvency.

The FRC undertook the investigation into Silentnight under its accountancy scheme. For statutory audit investigations since 2016 this scheme has not applied and fines are paid into HM Treasury’s consolidated fund. However, the Silentnight investigation was into KPMG’s accounting services and was launched in 2015 so fines and any costs recovered are paid to the relevant chartered accountancy body. In this case they were paid to the Institute for Chartered Accountants in England and Wales.