JDS costs soar after Equitable case

The outgoing accountancy disciplinary body increased its budget by £815,000 due to holding a tribunal into the role of Ernst & Young in the near-collapse of life assurance company Equitable Life.

In its annual report published this week, the JDS' budget increased from £3.8m for 2006 to £4.6m in 2007.

Tribunal costs – which included £838,000 for tribunal members' fees and expenses, £200,000 for hearing room hire and £131,000 for transcribers' costs – made up the bulk of the increase.

The Joint Disciplinary Scheme began hearings into the Equitable Life case in March 2007, and concluded by December 2007.

The ICAEW and ICAS also increased their contribution to the JDS following the Equitable Life hearings.

Further reading:

Call to use JDS fine to pay Equitable investors

E &Y faces penalties for Equitable Life role