Findings of fact

Department of Trade & Industry

• In June 1991, the prudential regulators approved, when they should not have done, the appointment of a new Chief Executive without insisting that he should demit office as the Society’s Appointed Actuary and without applying subsequently a closer degree of scrutiny of the Society’s affairs. For the next six years, those regulators failed to consider the use of their powers to seek the removal of that person from his ‘dual role’. “I concluded that the way in which the DTI, as prudential regulators, handled the creation and continued existence of the ‘dual role’ fell short of the standard that could reasonably be expected of such regulators”, Ms Abraham said.