FOUR FORMER Equitable Life chief executives face charges of misconduct after the Institute of Actuaries blamed them for damaging the profession's reputation.
The Daily Telegraph says Roy Ranson and Alan Nash, successive former managing directors and actuaries of the insurier, as well as Chris Headdon and Barry Sherlock face "charges of misconduct".
All four will soon have to defend themselves before a disciplinary tribunal, which could see them facing severe fines or even become expel from the profession.
Ranson and Headdon yesterday denied they had done anything wrong, the paper says.
Ranson was quoted by the Telegraph as saying: "Equitable Life was doing its best for its policyholders and trying to be fair to all of them.
Former policyholders may, however, take on a slightly different view and are likely to feel little sympathy for the accused former bosses, especially because of the way they handled criticism before the collapse.
FOCUSING ON another insurer, Prudential has decided to not sell its 79% stake in Egg after the sales process it commenced in the beginning of the year failed to bring a satisfactory offer for the online bank, the Times says.
Prudential chief executive Jonathan Bloomer said the move would "best serve" the interests of the insurer's shareholders, which he belived had "significant potential to grow in value".
Prudential is thought to have wanted about £1.6bn for its share in the internet bank.
IN THE meantime, HBOS shares fell yesterday after the bank revealed it may try to bid for Abbey, which has already agreed to an £8.2bn takeover by Spanish bank Banco Santander, the Scotsman reports.
While Abbey’s shares rose 14.5p to 581.5p, HBOS’s shares slumped 15.5p to 697p as doubts emerged about the possible effect a successful takeover would have on earnings dilution.
According to the Scotsman, HBOS said: "HBOS notes the recent press speculation regarding Abbey National. HBOS confirms it is in the preliminary stages of reviewing whether a combination with Abbey could be in the interests of its stakeholders. This review may, or may not, lead to an offer."IFAonline
Adviser tech review
Lack of understanding at board level
'Abused his position', court heard
'Transformed into strong, single brand'
Open to new and existing customers