So you thought Australia’s industry regulators are tough… Britain’s Financial Services Authority (FSA) has made headlines by banning former Equitable Life Assurance Society CEO Christopher Headdon from holding any management positions at an FSA-regulated company until 2010.

The FSA says the ban stems from Mr Headdon’s failure to disclose details of the value of a reinsurance contract taken on by Equitable. The FSA said Mr Headdon’s failure to inform the regulator was deliberate.

In July 2000, the British Parliament ruled that Equitable owed guaranteed annuity rate policyholders about $2.27 billion. The company closed to new business in December of that year after failing to find a buyer.