Equitable inquiry to ignore E&Y
Ernst & Young, the former auditors of Equitable Life, will not be scrutinised by the judicial inquiry into the life assurer.
Lord Penrose, the judge undertaking the inquiry, said he would not be looking at Equitable’s 15 former directors and auditors, because they were being sued by the company’s new board.
One former director told the FT that Lord Penrose’s hand were ‘tied’ because of the ongoing litigation.
The Equitable Members’ Action Group reacted angrily to the news, despite promises from Ann Abrahams, the parliamentary ombudsman that she would consider reopeneing her investigation if Lord Penrose produced new information.
The Penrose enquiry is due to report in the next few weeks.