As Ranson is 73-years old, retired, and unlikely to work in the City again, the watchdog ruled that launching an investigation would not be a good use of its resources.
He was chief executive at Equitable from 1991 to 1997 as well as appointed actuary from 1982. He was criticised in the Penrose report for failing to keep the rest of the society’s board fully informed about the ‘business risks inherent in the general actuarial management of the society’.
The move is likely to upset Equitable policyholders.
Liz Kwantes, co-ordinator of the combined Equitable Life members’ campaign group E7, was reported in The Scotsman as saying: ‘I think a lot of Equitable people are rather upset about this, especially as Penrose was forthright in his criticism of Ranson. Too old, that’s nonsense.’
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016