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Equitable Life closes to new business

Britain’s oldest mutual life office Equitable Life is now closed for new business after takeover talks with only bidder Prudential collapsed.

Policyholders who have taken out policies in the last 14 days will be able to cancel their new policies. The FSA claims Equitable is still a solvent business.

Equitable was put up for sale this year after the High Court ruled reducing bonuses on guaranteed annuities was illegal. Estimates put the ‘black hole’ created as a result of creating these bonuses at up to £5 bn.

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