E&Y Equitable Life fine slashed by 90%

In 2008, E&Y was fined £4.2m, with £5.7m costs, for failing to warn Equitable policyholders of its problems, according to the BBC. E&Y and a former partner, Kevin McNamara, were severely reprimanded at the time. However, following an appeal, E&Y's fine was cut to £500,000, an 88% reduction, and costs cut to £2.4m. Both the firm and McNamara were still reprimanded, but to a lesser extent. The decision was taken because it was felt E&Y and Mr McNamara had not, after all, acted with "a lack of objectivity and independence", which the tribunal said had been "the most serious" of the al...