View more on these topics

FSA says Ranson too old to pursue

Former Equitable Life appointed actuary and chief executive Roy Ranson is to be let off the hook by the FSA for his role in the insurer&#39s downfall because of his age.

The FSA, which, contrary to reports, has denied it wants to ban Ranson&#39s successor as appointed actuary and eventual chief executive Chris Headdon from financial services for life, believes that it would be an inefficient use of its resources to pursue Ranson, aged 73, as he is unlikely to return to the financial services market.

Ranson was Equitable&#39s appointed actuary between 1982 and 1992 and from 1992 to 1997 held both the appointed actuary and chief executive roles. Lord Penrose describes him in his report on Equitable as “highly intelligent and articulate, but manipulative” and “autocratic”.

Headdon succeeded Ranson as appointed actuary in 1997, taking over as chief executive when Alan Nash resigned in 2000. Penrose says Headdon did not “make good” the lack of information and advice on actuarial matters to the board that occurred in Ranson&#39s time.

Equitable says the FSA&#39s announcement will not affect its plans for litigation against former directors, including Ranson, but declined to comment further on the decision.

FSA spokeswoman Kate Burns says: “We have not said anything publicly about Chris Headdon. It is true to say that 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.”


Octopus Asset Management – Eclipse

Type: Venture capital trust Aim: Growth and income by investing in unquoted and Aim-listed companies Minimum investment: Lump sum £3,000 Closing date: September 30, 2004 Charges: Initial 5%, annual 2.25% Commission: Initial 2.25%, renewal 0.375% Tel: 0800 619 7977

Sold on solutions

Fire a question at a top regulator, a chief executive or a leading IFA along the lines of can we stop misselling and the answer is almost always the same – it will impossible to stop it entirely. If he or she is a regulator, the respondent may wish that they could stop it or […]

Scottish Friendly&#39s WP fund best over five years

Scottish Friendly&#39s with-profits fund has posted the highest return over the past five years, according to a survey by Investment, Life & Pensions Moneyfacts.Based on a single premium of £25,000, Scottish Friendly&#39s fund has returned £31,170, putting it ahead of Prudential and MGM Assurance, which returned £29,721 and £28,037 respectively. The worst performer was Axa, […]

A consumer&#39s view

BBC Radio 4&#39s Money Box programme has cast a searchlight on the workings of the Financial Ombudsman Service and questioned whether members of the public are getting a fair service. In particular, it looked at the FOS staff bonus scheme, which rewards case workers for settling disputes quickly. The ombudsman has defended the system and […]

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm