No further action to be taken against Equitable Life actuaries
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Actuaries involved in the Equitable Life scandal will not face any further action, a disciplinary board has announced.
There is "no realistic prospect" that a tribunal would make an adverse finding against actuaries from the Government Actuary's Department and Ernst & Young, the Accountancy and Actuarial Discipline Board (AADB) said.
Its investigation into an Ernst & Young actuary in connection with the audits of Equitable Life, as well as a probe into what advice was given by people who worked in the Government Actuary's Department to regulators about the matter, will be closed, it said.
Equitable Life policyholders have already been promised compensation by the Government.
Around £1.5 billion has been set aside to compensate policyholders at the society after the Parliamentary Ombudsman identified 10 instances of maladministration by both regulators and Whitehall officials in relation to Equitable Life in the period leading to December 2001.
Policyholders at Equitable Life lost an estimated £4.3 billion, money they would have had if they were with another institution.
AADB is part of the Financial Reporting Council. It is independent of the professions it disciplines and operates in the public interest.
PA
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments