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Ex-Equitable directors charged

13 April 2012

THE Institute of Actuaries has slapped misconduct charges on four former Equitable Life directors - ex-chief executive Roy Ranson, his successor Christopher Headdon, Alan Nash and Barry Sherlock.

A disciplinary tribunal will investigate the charges and the four could be fined or struck off. The institute alleges Ranson failed to identify the risks the society was running before its near-collapse in 2000.

Yesterday, it was revealed by Financial Mail on Sunday that accountancy giant Ernst & Young is set to be hauled before the profession's disciplinary body over its involvement in Equitable Life.

The firm could face a multi-million-pound fine and the partners responsible barred from working as accountants.

Draft charges against Ernst & Young partners and the firm were made last week by the Joint Disciplinary Scheme, the organisation responsible for independent investigations into the work of chartered accountants. Ernst & Young has until Friday to respond.

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