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Equitable drops case against Ernst & Young

Equitable Life has dropped its 700m claim against its former auditors Ernst & Young.

The case collapsed with Equitable agreeing to make a contribution to E&Y’s legal costs.

In a letter to policyholders Equitable chairman Vanni Treves says its case, which cost the firm 30m to bring to the High Court, had been fatally undermined by the evidence of its former directors and there was too great a risk the judge would rule against the Society.
Treves says the cost to its with-profits polcyholders is around 50 each.

E&Y chairman Nick Land says Equtable failed to “bully it into submission” and the decision has vindicated the accountants.

Treves adds E&Y still faces professional disciplinary proceedings.


IFA fined 25k for system failures

The FSA has fined IFA CFS Independent 25,000 for serious systems and controls, risk management and compliance failures. The regulator concluded CFS had a poor risk management strategy, relied heavily on third parties to comply with regulatory requirements, and was not aware of key obligations when a firm is entrusted with client money and client […]

Defaqto exceeds 1,000 Aequos Bankhall licences

Defaqto says over 1,000 licences have been issued to Bankhall firms as they shift to its Aequos online system.Bankhall and Defaqto are currently in the process of migrating members over to the online version of Aequos which allows real time access with new and flexible benefits.Members are being offered one free upgrade licence fee as […]

Henderson cuts two Euro holdings

Henderson Global Investors’ multi-manager team has sold out of the Schroder European alpha plus fund and reduced its weighting in Gartmore’s European focus fun as part of a review of its Continental holdings.

Correspondent’s week

This week Corey Boles, a reporter at Dow Jones Newswires

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]


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