The FSA has intervened to stop Eurolife Assurance Company from writing new business and secured the agreement of managing director David Wootton to resign from EAC's board and not to seek a senior job in the UK financial services industry.
The FSA says it took this action because it was concerned that EAC was not being soundly and prudently managed. The regulator ordered that a trust be put in place to meet its liabilities, including those to policyholders.
Chairman Lynne Green has also resigned but will continue as a director and has undertaken not to seek a chief executive function at an authorised firm for next three years. The FSA says EAC continues to be solvent.