Lane Clark & Peacock (LCP) is planning a £200m takeover bid for the pensions sector of KPMG, with the support of private equity firm Inflexion.

First reported by Sky News, LCP is among the possible buyers that have made it through to the second round of bidding for the pensions advisory business of KPMG.

Its sources said that LCP was vying for the pensions arm against other trade and financial bidders, which are currently unknown.

Reportedly, KPMG is looking to sell the business after reforms aimed at reducing the scale of the four largest accountancy firms, Deloitte, EY, KPMG and PwC, were introduced.

Regulators have been applying extra pressure on auditing companies to encourage them to reform, amid failings in audits of companies such as Ted Baker and the Co-operative Bank.

KPMG put its pensions advisory business up for auction in June 2019 after it received multiple unsolicited approaches.

KPMG’s pensions advisory sector currently employs approximately 20 partners and around 450 staff, and has around £50bn worth of clients under advice.

LCP refused to comment when approached by Pensions Age .

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