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Audit watchdog fines actuary for conflict of interest

By Lucia Osborne-Crowley (May 5, 2021, 1:53 p.m. BST) – Britain’s audit watchdog has slapped an actuary with a harsh reprimand and a £65,000 ($90,000) fine for compromising a retire employees to maximize profits for the related company, the agency said Wednesday.

The Financial Reporting Council said it fined Richard Jones an initial £100,000 – which was reduced to £65,000 during settlement negotiations – for engaging in potential conflicts of interest by providing actuarial advice to a company and the administrators of the company’s pension plan at the same time. time.

Jones advised Coats Group PLC, an investment holding company formerly known as Guinness Peat Group, while…

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