New AMP CEO Andrew Mohl might be enjoying a honeymoon with his shareholders, but he’s ensured himself a hostile relationship with Britain’s Financial Services Authority.

Last week Mr Mohl said the company’s Pearl life operation in Britain couldn’t continue in its present form, and that several other life companies have been operating outside the FSA’s solvency rules.

And to make matters more pointed, he said he has been told this by the FSA.

That sparked a savage response from the FSA, which said Pearl is on its own when it comes to operating below the solvency margin. A spokesman told Britain’s Insurance Times that he has no idea what Mr Mohl is talking about. “We reiterate that life offices [in the UK] have a significant ability to withstand further large falls in equity values.”