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17 Dec 2009
Investigators are probing the conduct of an accountant in connection with Equitable Life, the insurance giant which stood on the brink of collapse in 2000.
The decision by the Accountancy and Actuarial Discipline Board was taken after talks with ICAS.
The scope of the investigation will cover the information the accountant provided to the Financial Review Reporting Panel on the accounts of Equitable Life Assurance Society in 1999.
"The AADB has launched an investigation under its disciplinary Scheme for the accountancy profession into the conduct of an accountant in connection with matters related to the financial statements of Equitable Life Assurance Society in 1999," the AADB said.
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Equitable Life
Nothing Equitable Life did was underhand, done clandestinely, done without due thought. They involved the government actuary and other members of the actuarial fraternity in all they did. But for one small, but vital, issue, the business was torpedoed. That issue was that the organisation didn't put the contributions from the minority that wanted the 15% guaranteed returns into a separate pot. The result is a small, greedy, minority brought down a fundamentally sound business and caused misery for hundreds of thousands. Where's the equanimity in that?
Posted by: Bob Eastoe, 04 May 2010 | 00:00
Bob Eastoe
Hi Bob,
Welcome back from your trip to the Planet Zog.
Please read the report of the Earthling Ann Abraham (Parliamentary Ombudsman and Saint). Read it carefully as it has some big words in it.
Then try to make a sensible comment.
Posted by: Bill O'Rights, 20 Jun 2010 | 00:00