FSA bans for CEO over non disclosure of reinsurance agreement
The Financial Services Authority has concluded that Christopher Headdon, the former appointed actuary and then chief executive of Equitable Life, is not fit and proper to hold a significant management role at a regulated firm and has banned him from performing such a role until May 2010.
The FSA said the prohibition is a result of Mr Headdon's failure to disclose a side letter to the FSA that raised questions about the true value of a reinsurance contract entered into by EquitableOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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