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FSA: All change for with-profits

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&#39s 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&#39s 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&#39 financial strength.

July 2002: Sandler review proposes new model for WP.

February 2003: FSA looks to apply Sandler&#39s recommendations to WP.

May 2003: FSA concedes there would be difficulties extending Sandler&#39s 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.

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