Christopher Headdon, former appointed actuary and chief executive of Equitable Life, has been banned from holding a "significant management role" in any FSA regulated firm for the next six years.
In its Final Notice explaining choice of punishment, the FSA says the ban is linked to the failure of Headdon to disclose to the regulator all details of a 1999 reinsurance contract between Equitable and Irish European Reinsurance Company. While Equitable officially signed a contract offering £800m of liability cover linked to guaranteed annuity rate policies, a so-called Side Letter separately indicated the firms could cancel the cover once claims reached the £100m level if they failed to renegotiate the deal. ”Cancellation of the treaty may have put Equitable in breach of the FSA's ...
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