The Accountancy and Actuarial Discipline Board (AADB) has announced that that it is investigating a financial and accountancy firm for advice it gave to the Trustees of the First Quench Pension Fund in relation to the replacement of the scheme’s sponsor. AADB says that the purpose of the investigation is to determine whether there is evidence of misconduct.

AADB initiated the investigation after receiving a complaint from the Pensions Regulator and after consulting with the Institute of Chartered Accountants of England and Wales.