KPMG has been fined £2.1m after the UK’s accounting regulator concluded that its services for fashion retailer Ted Baker fell short of ethical standards.

The Financial Reporting Council said on Monday it was reprimanding both KPMG and Michael Barradell, a partner at the firm, after they admitted to misconduct in work for the fashion company in 2013 and 2014.

Mr Barradell has been fined £46,800. The issues stem from services provided as an expert witness to Ted Baker in a commercial court claim. The FRC said this compromised the auditor’s independence.