The FSA has announced it will not pursue any action against former Equitable Life chief executive and appointed actuary Roy Ranson on the grounds that at the age of 73 he is unlikely to return to the financial services market.
It has also denied that it wants to ban Ranson's successor as appointed actuary and eventual chief executive Chris Headdon from financial services for life, despite reports that this is the case.
Ranson was identified as a key figure in Equitable's downfall in the Treasury-commissioned Penrose report published in March.
Equitable says the FSA's announcement does not affect its plans to purse litigation against former directors including Ranson, but would not comment further on the regulator's decision.
FSA spokeswoman Kate Burns says: “We haven't said anything publicly about Chris Headdon.
“It is true to say we have decided not to take any action against Roy Ranson because it would not be an efficient use of our resources on the basis that at the age of 73 he is unlikely to return to financial services.”
Equitable Life spokesman Alistair Dunbar says: “We are suing former directors including Mr Ranson so it would be inappropriate for us to comment on what the FSA has said.”