DISCIPLINARY proceedings have begun against four former senior executives at troubled mutual Equitable Life.

The Institute of Actuaries has referred allegations of misconduct to a disciplinary tribunal against the society's former managing director and appointed actuary Roy Ranson and former chief executive and senior assistant actuary Christopher Headdon.

Former managing director and actuary Alan Nash and former general manager and actuary Barry Sherlock are also included in the proceedings.

Details of the allegations were published yesterday in The Actuary Magazine. It also emerged that accountancy group Ernst and Young could be subject to a investigation over its role in the crisis. The group has until the end of this week to respond to allegations by the accountants' disciplinary board, the Joint Disciplinary Scheme, which will then decide whether to make a complaint to its executive committee, leading to a tribunal being appointed to look into the matter.

All four former directors are alleged to have fallen short of the standards of competence and professional judgment expected of actuaries.

It is likely to be several months before the tribunal begins.

If the tribunal finds against the four, the sanctions available range from an unlimited fine to being suspended as an actuary for several years or being struck off as actuaries.