Lord Wakeham, the former conservative Cabinet member, is to be investigated over his role in the Enron scandal, according to a report.

The Financial Times newspaper said Lord Wakeham, who was a director of Enron until February 2002, will be the subject of an investigation by the Institute of Chartered Accountants (ICA).

Lord Wakeham is a chartered accountant and the FT said his role at Enron will be investigated by the ICA's joint disciplinary scheme.

Enron, the US energy giant, went bankrupt last year after revealing huge debts that had been previously hidden from the company's books.

Meeting standards

Lord Wakeham was a member of Enron's audit committee, and also advised the firm on European issues.

But he came under increasing pressure over his position as the Enron scandal unfolded and was forced to step down from his role as chairman of the Press Complaints Commission at the start of the year.

Lord Wakeham resigned from Enron in February along with five other directors.

But the FT suggests his role will now be investigated to decide whether he adhered to the ICA's accounting standards during his time with Enron.

Enron matters were referred to the joint disciplinary scheme by the ICA, which is the main representative body for chartered accountants in England and Wales.

The FT suggests that if Lord Wakeham is found to have acted improperly, he could be stripped of his ICA membership.