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News August 2012 Equitable Life Assurance Society

Equitable Life Assurance Society

17 August 2012

FRC PN 006

Investigation into the conduct of an Ernst & Young LLP actuary

and

Investigation into the conduct of certain actuaries of the Government Actuary’s Department

 

The Accountancy and Actuarial Discipline Board (AADB), an operating Board of the Financial Reporting Council, announces the outcome of two investigations being conducted under the Actuarial Scheme into the conduct of Members of the Institute and Faculty of Actuaries and/or Former Members of the Faculty of Actuaries.

  1. Investigation into the conduct of an Ernst & Young LLP actuary in connection with the audits of The Equitable Life Assurance Society.
    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 actuary concerned.  Consequently, no further action will be taken and the case will be closed.

  2. Investigation into the conduct of certain actuaries of the Government Actuary’s Department in connection with the provision of advice by or on behalf of the Government Actuary’s Department to prudential regulators in respect of The Equitable Life Assurance Society.
    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 any actuary concerned in connection with their conduct in this matter.  The investigation will therefore be closed and no further action taken.

The AADB is independent of the professions it disciplines and operates in the public interest.  

Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

  2. The FRC’s Accountancy and Actuarial Discipline Board ("AADB") is the independent, investigative and disciplinary body for accountants and actuaries in the UK with a focus on cases which raise important issues affecting the public interest. In accordance with the FRC reform programme, the functions of the AADB will be exercised by the FRC from autumn 2012.

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Alana SinnenCommunications Manager