The Penrose report on the near-collapse of life assurer Equitable Life is finally out (all 818 pages of it) with the blame being placed on the shoulders of the mutual's former management team. Regulators like the FSA have also come in for harsh criticism, but former auditors Ernst & Young have escaped blame.
The Penrose report on the near-collapse of life assurer Equitable Life is finally out (all 818 pages of it) with the blame being placed on the shoulders of the mutual’s former management team. Regulators like the FSA have also come in for harsh criticism, but former auditors Ernst & Young have escaped blame.
As a consequence, the Accounting Standards Board has been asked to undertake an inquiry into insurance industry accounting. E&Y are not off the hook though and will come under the spotlight of the Accountant’s Joint Disciplinary Scheme.
You can track the unfolding saga via this special area. Just click on the links to read the stories.
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