The announcement comes five days after the 59-year-old appeared in an interview given by BBC journalist, Emily Maitlis, on his controversial relationship with convicted child sex offender, Epstein.
Described as a "PR disaster" despite being given the go-ahead by Her Majesty, Prince Andrew was condemned by viewers for not showing remorse for Epstein's alleged victims.
He categorically denied allegations that he forced Virginia Giuffre (née Roberts) to have sex with him three times between 2001 and 2002 when she was 17-years-old, claiming he was at food chain Pizza Express in Woking on the day it was said to have taken place.
In response to Giuffre's now-famous claims that Prince Andrew was "profusely sweating" when she met him, the royal sparked further criticism by making the bizarre assertion that he can't swear due to a medical condition.
"I didn't sweat at the time because I had suffered what I would describe as an overdose of adrenalin in the Falklands War when I was shot at and I simply… it was almost impossible for me to sweat," he said.
In the days that followed, the Queen's second son has also been accused of making racist remarks on two separate occasions. Former Downing Street aide, Rohan Silva, alleged that he used racist language during a meeting at Buckingham Palace in 2012 - which the royal has denied.
Amid mounting criticism, a number of businesses, universities and charities across the globe associated with Prince Andrew - including UK telecoms company BT and Standard Chartered bank - have reportedly cut ties.
According to the official royal website, Prince Andrew's regal role focuses upon "promoting economic growth and skilled job creation in the UK". This means that the royal boasts over 200 patronages with a particular interest in supporting military organisations after 22 years of service with the Royal Navy.
But according to culture secretary Nicky Morgan, the Duke of York's suspension from his duties may mean he may well consider stepping down from his patronages which include the Royal Philharmonic Orchestra and the English National Ballet.
"When he says he’s going to withdraw from public duties I would expect that would be heading up, or being a patron of, organisations, institutions like that,"Morgan told ITV's Peston per The Guardian."I think what he has obviously clearly realised is that his presence or his involvement in these organisations, these very worthy organisations, obviously detracts from the work that they are doing, and he doesn’t want to do that."
Recent news that a number of organisations are turning their backs on the royal is sure to prove difficult for Prince Andrew to comprehend, as royal biographer Ronert Hardman highlighted: "It is patronages that underpin the royal role of those members of the Royal Family who are not in the direct line of succession."
"For the Duke, they were his entire raison d'etre," he added.
In the meantime, the royal has pledged to help any "appropriate law enforcement agency with their investigations, if required".