The move was decided upon after talks between the two concluded yesterday, following Standard Life’s announcement of a significant divergence in its calculation of liabilities.
The body has warned policyholders of more cuts to the maturity value after promising the FSA that it would boost it reserves in order to balance against the likely cost of guarantees.
In a statement the FSA said it was to commission a review by independent experts into the origins and implications into the divergent calculations in liabilities on outstanding policies. It will also review the impact on policyholders of the new measures proposed by Standard Life.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children