Former Equitable CEO escapes action
Roy Ranson, the former chief executive of Equitable Life, and heavily criticised in the Penrose report, will not be investigated by the Financial Services Authority.
As Ranson is 73-years old, retired, and unlikely to work in the City again, the watchdog ruled that launching an investigation would not be a good use of its resources.
He was chief executive at Equitable from 1991 to 1997 as well as appointed actuary from 1982. He was criticised in the Penrose report for failing to keep the rest of the society’s board fully informed about the ‘business risks inherent in the general actuarial management of the society’.
The move is likely to upset Equitable policyholders.
Liz Kwantes, co-ordinator of the combined Equitable Life members’ campaign group E7, was reported in The Scotsman as saying: ‘I think a lot of Equitable people are rather upset about this, especially as Penrose was forthright in his criticism of Ranson. Too old, that’s nonsense.’