UniSuper, the fourth-largest pension fund in Australia, announced on July 4 that it has suspended its dealings with PwC, becoming the fifth major fund in the country to halt work with the advisory firm. With this move, a total of five pension funds, managing a combined A$865 billion ($579 billion), have now paused their collaboration with PwC Australia due to the tax leaks scandal.
UniSuper, which oversees A$115 billion of the aforementioned sum, stated that it has temporarily halted new contracts with PwC, expressing concerns over recent events surrounding the firm. The decision comes just one day after PwC Australia terminated eight partners, including former CEO Tom Seymour.
In 2022, PwC provided internal audit services for UniSuper. However, in light of the tax leaks scandal and its impact on PwC's reputation, the pension fund has decided to suspend any further engagements with the firm for the time being.
The tax leaks scandal has caused significant disruption to PwC Australia, leading to severe consequences, including the loss of major clients. The suspension of dealings by UniSuper, along with the four other large pension funds, adds to the mounting challenges faced by PwC in rebuilding trust and restoring its standing in the industry.
By fLEXI tEAM