Britain's Institute of Actuaries will put four former Equitable Life executives before a disciplinary tribunal over their role in the life assurer's near-collapse, a move which could result in hefty fines against them.

Equitable almost went under in 2000 after Britain's highest court ordered it to honour guaranteed policies sold in 1970s and 1980s when interest rates were high.

The court's decision cost the company more than £1.5 billion (€2.3 billion).

The Institute published on Monday its decision to refer Mr Christopher Headdon, Mr Alan Nash, Mr Roy Ranson and Mr Barry Sherlock to a disciplinary tribunal, which has the authority to levy unlimited fines. The highest penalty previously imposed by an Institute tribunal was £35,000.

Equitable is already pursuing three of the four former executives, along with 12 other former directors, in a £3.3 billion negligence suit that is not expected to begin before April 2005.

The tribunal will hear evidence and rule on whether the former actuaries failed to represent the interests of the mutual's policyholders. - (Reuters)