Abbey National has brought in auditors from Deloitte & Touche and PricewaterhouseCoopers to review its equity derivatives business after an initial report from The Risk Partnership accused the bank of having inadequate controls and warned of huge losses.
The Reading University-based risk management consultancy was fiercely critical of the lack of adequate controls in the business and also alleged that Abbey may have misled the Financial Services Authority regarding its risk management practices.
Abbey said the allegations, which have been passed on to FSA, were ‘groundless.’
The bank said that the consultancy had this summer been commissioned to review certain risk management modules but had gone beyond its brief, basing its conclusions on assumptions.
Abbey sent the consultancy’s draft report to the FSA, along with reports from Deloittes and PwC. A spokesperson for the bank confirmed that neither of the accountants’ reports had thrown up any major concerns. ‘Any action taken over controls has not been specifically as a result of the reports,’ the spokesperson added.
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