Directors of Equitable Life will not face a Serious Fraud Office inquiry, the SFO has announced.
The decision follows the collapse of the company's legal battle with former directors and auditor Ernst & Young.
The SFO previously said it would not make an announcement until that matter was decided one way or another.
"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, the Serious Fraud Office confirms that nothing has emerged which would justify a full criminal investigation in to the affairs of the Equitable Life Assurance Society," the SFO states.
It adds "considerable assistance" was accorded by the Penrose Inquiry team, as well as co-operation from the company.
This may does not mark the end of investigations against the company, however.
Last week the European Parliament announced it was to hold a formal 'committee of inquiry' into the failure that left members out of pocket to the tune of billions of pounds.
More than 200 MEPs signed the motion calling for the inquiry, which will have to be formally voted into action in January.
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Annuity market worth £4bn in 2017
For ‘distress’ caused
Oversees £30bn of advised and D2C assets
Less than a third of top paid employees are women
£1bn business since inception