Deloitte partner sanctioned
James Rakow sanctioned in disciplinary case relating to Equity Syndicate Management Limited
The outcome of the disciplinary case relating to Mr James Rakow, an associate partner with Deloitte LLP, in connection with his provision of actuarial services to Equity Syndicate Management Limited (ESML) and Syndicate 218 in respect of the financial years ending 31 December 2007, 2008, and 2009, has been announced by the Financial Reporting Council (FRC).
Mr Rakow, who is a member of the Institute and Faculty of Actuaries (IFoA) admitted misconduct in relation to the 2008 and 2009 years. His conduct fell significantly short of the standards reasonably to be expected of a member of the IFoA. As a result of his admitted failings, he was not in a position to sign, and therefore ought not to have signed, the 2008 and 2009 Statements of Actuarial Opinion in relation to Syndicate 218. There was no finding of any misconduct in relation to the 2007 year.
Mr Rakow agreed to the following terms of settlement:
- A fine of £75,200;
- A Severe Reprimand; and
- A sum of £400,000 to be paid as a contribution to the Executive Counsel’s costs.