| Date | Event
|
| June-August 1998 | Survey by GAD of insurers' GAR exposures.
|
| 18 December 1998 | The Treasury issue guidance on factors companies need to consider in deciding how to meet the costs of GAR contracts.
|
| 1 January 1999 | Prudential regulation transferred from the Treasury to the FSA. The FSA continues dialogue with Equitable over its GAR contracts.
|
| 13 January 1999 | FSA/GAD issue guidance on reserving standards for GAR contracts.
|
| 9 September 1999 | High Court upholds Equitable's bonus policy but GAR policyholders are granted leave to appeal.
|
| 21 January 2000 | Court of Appeal by a majority of 2:1 rule against Equitable. Equitable granted leave to appeal to the House of Lords.
|
| 20 July 2000 | House of Lords dismisses Equitable's appeal in terms which go further than the Court of Appeal.
Equitable announces that it will seek a buyer.
|
| 8 December 2000 | Equitable closes to new business having failed to find a buyer.
|
| 22 December 2000 | The FSA announces a review of supervision of Equitable between 1 January 1999 and the company's closure to new business.
|
| 5 February 2001 | Equitable announces the sale of its business, other than the with-profits fund, to Halifax Group plc and proposals to cap its GAR liabilities.
|
| |
