There are a number of lines of enquiry the SFO traditionally seeks to press charges on; namely conspiracy to corrupt and/or defraud. In my former employment as an insurance journalist, I witnessed first hand the meticulous and scrutinous work of the SFO in the case of Independent Insurance, where the management was found guilty of conspiracy to defraud.
The prosecution worked tirelessly to organise a trial by jury, which lasted five months before bringing the directors to justice. The result was cheered by actuaries since, if the defendents had been cleared and it became accepted that finance directors were allowed to lie to actuaries, their opinions would not be worth the paper they’re written on.
The SFO has been criticised in the past for not winning its major cases. It needed a victory with the Independent Insurance case, and if charges of fraud are to be brought against GP Noble, it will be keen to capitalise on the success of the Indie trial.
Conversations with interested parties in the GP Noble case have, unsurprisingly, proved fairly fruitless, though the regulator did confirm “members’ benefits are not at risk”. But if the SFO is involved, surely it means assets or funds (or both) are unaccounted for?
Will the Pension Protection Fund step in to help the 29 schemes affected? Time will tell.
Charlie Kirby
Deputy editor
