THE FRC’s disciplinary board has closed its investigation into the conduct of an Ernst & Young actuary in connection with the audits of The Equitable Life Assurance Society.
In a statement issued by the FRC, the AADB said that, following the conclusion of the investigation, it decided that there is “no realistic prospect that a tribunal would make an adverse finding against the actuary concerned”.
Consequently, the AADB is taking no further action and has closed the case.
The AADB also closed its investigation into the conduct of certain actuaries of the government actuary’s department in respect of Equitable Life.
In June 2010, the accountancy’s regulator upheld E&Y’s appeal against an earlier tribunal decision that the firm and audit partner Kevin McNamara lacked objectivity and independence as auditor of Equitable Life.