The professional body for accountants and auditors, we understand, is currently investigating the conduct of the ailing life asssuers auditors, Ernst & Young.
Our view
Understandable, but what took so long. This debacle hit the headlines years ago. Many of you may remember that Equitable hit the headlines by trying to remove its liabilities to policyholders for guaranteed incomes (guaranteed annuity rates) in retirement, only to be declined by the House of Lords and all but bankrupting the insurer. Happily, they are still trading - but life cannot be easy.