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Regulator drops inquiry into Equitable Life accountant

by Alex Steger on Nov 14, 2012 at 08:05

Regulator drops inquiry into Equitable Life accountant

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.’

2 comments so far. Why not have your say?

Paul Howard via mobile

Nov 14, 2012 at 08:57

In other words, we know who gave advice that destroyed EL but we have scratched each others backs and don't want to upset our very enjoyable retirements.

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John Borgars

Nov 16, 2012 at 20:05

We all know who gave the advice that destroyed Equitable: the lawyers who said a differential bonus system was legal and then advised Equitable to fund a court case.

Difficult to see how an accountant can be to blame.

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