A regulator investigating what went wrong at Equitable Life has dropped its inquiry, according to reports.
The Daily Telegraph reported the Financial Reporting Council announced that the Accountancy and Actuarial Discipline Board did not intend to proceed any further with its investigation.
The paper said the inquiry did not name the accountant who had been under investigation for advice given to Equitable and its policyholders.
A spokesman for the FRC told the Telegraph: ‘Following the conclusion of this investigation, it has been decided that there is no realistic prospect that a tribunal would make an adverse finding against the accountant concerned. Consequently, no further action will be taken and the case will be closed.’