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Headdon gets 6 year FSA ban

Former Equitable Life chief executive and appointed actuary Chris Headdon has been banned by the FSA from holding senior roles in financial services companies until May 2010.

Headdon&#39s ban stems from a failure to disclose to the FSA a side-letter to an agreement with the Irish European Reinsurance Company that allowed for the cancellation of an £800m reinsurance treaty.

Cancellation of the deal with Ireco would have significantly weakened Equitable&#39s balance sheet.

FSA director of enforcement Andrew Procter says: “Mr Headdon should have provided information to the FSA about the side letter to the reinsurance contract and as a result of his failure to do so the FSA has decided he is not fit and proper. The FSA sets high standards by which we judge senior management. This includes the requirement that individuals deal with the FSA in an open and co-operative way.”


Legal & General slashes rates for online business

Legal & General is slashing life and critical-illness cover rates for online business, emphasising that brokers will have to become more active in the e-protection market. Its reduction in rates for online submission reflects its e-philosophy. A couple aged 35 next birthday applying for a £150,000 joint level term policy over 25 years would pay […]

Lockyer wants explanation from Standard&#39s Crombie on &#39cynical&#39 BBB comment

Berkeley Berry Birch chairman Clifford Lockyer is writing to Standard Life chief executive Sandy Crombie asking him to explain comments attributed to him in which he referred to “cynical” practices by BBB. Crombie, testifying before the Treasury select committee last week, criticised BBB&#39s move to wind up its subsidiary company Berry Birch & Noble Financial […]

Wrap firms warned that registration charges could cost them the market

Extra charges on wrap platforms could threaten the development of existing propositions and see new entrants dominate the market, according to leading technology experts. Retail financial services consultancy Cydonia director Allan Greenshields says most of the companies building wrap platforms are looking at building re-registration charges into their initial costs. When an IFA puts a […]

New Star marries hedge fund family

New Star Asset Management has established a fettered fund of hedge funds that invests in an actively managed portfolio of New Star hedge funds. The New Star managed hedge fund is an open-ended Bermuda-based fund that aims for a return in the region of 10 to 15 per cent a year. The fund is designed […]


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