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32

Resolution and recovery of UK-based insurers
Practice notes

This Practice Note provides an overview of the collapse of Equitable Life in 2000 to new business due to inability to pay guaranteed annuities, and the regulatory shortcomings. The Note describes the role of the Prudential Regulation Authority (PRA) and the applicable law, the Financial Services and Markets Act 2000 (FSMA 2000). The insolvency regime is described, as well as the Financial Services Compensation Scheme (FSCS).

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