SFO to investigate Equitable
The government has drafted the Serious Fraud Office to investigate possible wrongdoing at beleaguered life assurer Equitable Life.
The timing of the news, reported in the Guardian, is likely to raise suspicions that the government is looking to divert attention away from the criticisms the Treasury is expected to receive in Lord Penrose’s investigation into the debacle.
That report is due to be released within days although Ernst & Young is expected to escape censure because Lord Penrose did not want to become involved in the legal battle between the Big Four firm and Equitable Life.
‘We will be studying the [Penrose] report to assess whether an investigation should be launched,’ the SFO said.