Investigation into Actuaries linked to First Quench Pension Fund
News types: Investigations
Published: 5 August 2013
PN 078
The Financial Reporting Council’s Executive Counsel announces the outcome of the investigation conducted under the Actuarial Scheme into the conduct of Members of the Institute and Faculty of Actuaries in relation to the proposed replacement of First Quench Retailing Limited as the sponsoring employer of the First Quench Pension Fund.
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 actuaries concerned. Consequently, no further action will be taken and the case will be closed.
Notes to editors:
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.
Notes to editors:
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.