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&#39FSA has tightened up&#39

Insurance industry analysts say the FSA has already done much to ensure situations such as the Equitable Life debacle do not happen again such as introducing principles and practices of financial management and probing the appointed actuary role.

Independent analyst Ned Cazalet says: “What we did have in the old days was a bunch of non-executives turning up for lunch, listening to some actuarial waffle, with no skills to challenge any of it.” He suggests that the outcome for Equitable policyholders is unlikely to be much different if they had invested in another company performing near the bottom of the tables but he says that expectations in the minds of Equitable policyholders were built up.

Commerzbank insurance analyst Roman Cizdyn says: “Penrose has given the FSA a pretty big tick. It seems there is not a huge lot further for the regulator to do.”

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