E&Y drops appeal case
In a dramatic u-turn yesterday, Ernst & Young dropped its attempt at the Court of Appeal to stay a Joint Disciplinary Scheme investigation into its dealings with Equitable Life.
The hearing was scheduled to run over two days, with a decision from the court initially expected late today. But after only a few hours of deliberation the Court made it clear to the Big Four firm that it was unlikely to grant leave to appeal.
Chris Dickson, executive Counsel at the JDS said he was ‘very surprised that the case finished so early,’ but was ‘very pleased’ none the less so he could get started on the investigation. ‘The target is to finish by the first half of next year,’ said Dickson.
Should the JDS find a case for disciplinary action, there are a number of courses that could be taken. Action can be brought against the firm, resulting in an unlimited fine, the individuals involved, resulting in an unlimited fine and exclusion from the profession, or both, or indeed, neither.