The UK's Serious Fraud Office announced this week that following careful consideration of the available evidence, including the Penrose Report and material held by the Society and following the result of the Society's case against its previous auditors and some of its former directors, that nothing has emerged which would justify a full criminal investigation into the affairs of the Equitable Life Assurance Society.
The SFO had stated in March 2004 that it was considering launching an investigation into whether Equitable Life had adequately explained to policyholders the changes to its bonus policy necessitated by its financial difficulties.
However, the Office delayed making or publicising a final decision while the Society was taking civil legal action against its former auditors and some of its former directors. This legal action has now ended.
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