Actuaries face bans in Equitable probe

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The Accountancy and Actuarial Discipline Board, which has the power to ban and fine errant professionals, has launched an investigation "in relation to the provision of advice by or on behalf of the Government Actuary's Department" from 1990 to 2001.

Government actuaries led by Chris Daykin, who retired in 2007 after 18 years as chief actuary, have already been severely criticised in the independent report by Lord Penrose. The Department of Trade and Industry had relied almost exclusively on the GAD for guidance over Equitable Life.

Penrose slammed the scrutiny of the Equitable Life accounts by Daykin's department as "complacent, lacking in challenge and hesitant in criticism". It described the government actuaries as an "introspective and exclusive" professional group.

The report went on to say that Daykin and his team had been manipulated by Equitable Life's chief executive, Roy Ranson.

The mutual insurer had promised its policyholders guaranteed annuity rate contracts.

When the insurer tried to wriggle out of the loss-making contracts, a £1.5 billion black hole was blown in the group's accounts. It finally shut its doors for new business at the end of 2000.

Investigators probing the affair declined to name which individual actuaries they are pursuing.