Victims of the Equitable Life scandal expressed dismay yesterday as another professional investigation petered out.
The Financial Reporting Council (FRC) has closed a three-year investigation into actuaries in the Government Actuaries Department (GAD) and one actuary in Ernst & Young, and will take no further action.
The Accountancy and Actuarial Discipline Board, an operating board of the FRC, said in both cases there was "no realistic prospect that a Tribunal would make an adverse finding" against any actuary.
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