UK - The Institute of Actuaries has launched disciplinary proceedings against four former senior executives of Equitable Life.
If found guilty of misconduct, they face “unlimited” fines and expulsion from the profession.
The institute said Equitable’s former managing director and actuary Roy Ranson, former chief executive and actuary Chris Headon, former managing director and actuary Alan Nash, and former general manager and actuary Barry Sherlock, would face a tribunal.
Charges include failing to identify or manage the risks Equitable was running, and failing to alert the boards of these risks.
The tribunal is not expected to take place for “several months”.
Accountant Ernst & Young is facing renewed criticism over its role as auditor of Equitable Life.
The accountancy profession’s Joint Disciplinary Scheme, which has carried out a two-year investigation into the firm’s role in Equitable Life’s near collapse, is expected to cite E&Y’s “general audit failure”.
E&Y said it would respond to JDS’s claims by tomorrow (Friday). Action, if any, could include a reprimand, an unlimited fine or withdrawal of E&Y’s registration as an auditor.
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