The Accountancy Investigation & Disciplinary Board (AIDB) has launched an investigation into the conduct of certain members of professional accountancy bodies who were involved in the events leading to the collapse of European Home Retail plc and Farepak Food & Gifts Ltd which left 150,000 customers short of £40m in hamper savings.

The investigation will review the conduct of individual accountants, rather than accountancy firms and it will review the preparation of the accounts of Farepak for the period ending 30 April 2005 and events leading up to the collapse of both companies in 2006.