WIDENING CRACKDOWN? Regulators keep finding instances "of improper influence and misconduct in the bank consulting industry" and should do more to expose the "troubling web of conflicts," said Benjamin Lawsky, New York's superintendent of financial services.
New York-regulated banks won't be able to hire PwC for consulting work until 2016 under a penalty handed down by Benjamin Lawsky, the state's banking superintendent. The move could encourage some banks to turn to smaller auditors, who some experts say produce higher quality work and are less expensive.
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