27 November 2008
Following the Parliamentary Ombudsman, Ann Abraham's report on
Equitable Life earlier this year, the Accountancy and Actuarial
Discipline Board (AADB) is to launch an investigation into possible
maladministration over the near-collapse of Equitable Life eight
years ago.
This investigation will be the fourteenth conducted since the
problems that saw the savings of around one million customers
plummet. The AADB said that it would be investigating "the conduct
of certain members in relation to the provision of advice (to the
various regulators policing Equitable Life between 1990 and 2001)
by or on behalf of the Government Actuary's Department" (GAD).
The news has been welcomed by Paul Braithwaite, general
secretary of the Equitable Members Action Group, who said: "It is
absolutely good news and it springs from the Parliamentary
Ombudsman's report that gave the evidence of maladministration by
the GAD."
