Accounting regulators have dished out more than £9million of fines to EY and PWC for their roles in the London Capital & Finance scandal, which saw thousands of savers lose £237million.

The Financial Reporting Council’s deputy executive counsel Jamie Symington said EY, PWC and small accountant Olive Clive & Co and their respective audit partners  were fined for failing to identify and assess fraud risks at LCF.

PWC was fined £4.9million for its 2016 audit of LCF and EY £4.4million for its…