January 1, 1999: FSA assumes responsibility for prudential regulation of the life insurance industry.
December 2000: Equitable Life closes to new business.
February 2001: FSA announces with-profits review.
October 2001: Baird report into FSA's handling of Equitable Life says regulator “could have done better”.
February 2002: FSA tells firms to be more open on WP.
March-September 2002: Tiner project creates “smarter, simpler regulation of insurance”.
April 2002: Tiner says he sees a future for “new WP” but wants to see management improve in the industry.
May 2002: FSA unveils plan to reform WP fund regulation.
June 2002: FSA's WP review chief Eleanor Linton says there is no future for the with-profits name.
July 2002: CP144, A new regulatory approach to insurance firms, sets down guidelines regarding insurers' financial strength.
July 2002: Sandler review proposes new model for WP.
February 2003: FSA looks to apply Sandler's recommendations to WP.
May 2003: FSA concedes there would be difficulties extending Sandler's WP reforms across the industry.
December 2003: Mutuals win reprieve when CP207 proposes allowing mutuals to use orphan assets to grow new business.
January 2004: FSA begins negotiations with life insurers over implementation of its WP reforms.