The FSA has confirmed it will not be taking action against former chief executive of Equitable Life Roy Ranson for his conduct while he was a board member.
Press reports earlier in the week suggested the Financial Services Authority would not be taking any action because Ranson is now too old, at 73, to re-enter the financial services industry.
But the FSA stresses it has not yet fully investigated Ranson’s conduct when he was chief actuary and chief executive at Equitable Life, but given his age he is unlikely to seek authorisation in the future so the FSA therefore has no reason to pursue him.
Had the FSA taken action, the regulatory body would have been restricted to enact powers which were in place when Ranson was employed by Equitable Life, points out the FSA in a statement.
Wielding those powers, the maximum penalty the regulator could then have imposed would have been to withhold Ranson’s authorisation as an authorised person under the FSA.IFAonline
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