Equitable chief ready to quit

EQUITABLE Life chairman Vanni Treves is set to quit the mutual once the result of a key survival vote is announced this week.

Treves took the helm last February when the insurer's board resigned after closing its doors to new business. He is expected to step down at Equitable's annual meeting in May. A City lawyer, Treves will also continue in his role as Channel 4 chairman.

Equitable is expected to announce on Monday that it has won the vote to put a cap on the £2.6bn black hole created by the guaranteed annuities crisis. About 90,000 guaranteed annuity policyholders will get an average cash injection of 17.5% of their fund value. Some 400,000 non-guaranteed annuity policyholders will receive 2.5%.

Members should receive their payouts by the end of February, once the vote has been rubberstamped by the High Court.

Treves said: 'I am not going to bolt from my role as Equitable chairman, but my position is bound to be affected by the outcome of the vote. If successful, I will have achieved my key objective. My role is first and foremost in the hands of policyholders and fellow members of the board.'

Paul Braithwaite, chairman of the Equitable Members' Action Group, said: 'I would welcome his departure. He has shown ruthless determination in bludgeoning through a compromise deal, but now we need a different, healing regime.'