But since the collapse of Equitable Life three years ago, the industry has been through wrenching changes.
ECONOMIST: Many European life companies are still in dreadful shape
Equitable Life, a mutual, nearly collapsed four years ago after promising policyholders more than it could pay.
But Mr Headdon told the BBC that the present Equitable Life board had found no evidence of fraud.
BBC: NEWS | Programmes | Moneybox | Ex Equitable boss defends record
Then came the Equitable Life debacle and, as investment returns tumbled, a scandal about the mis-selling of endowments.
As Equitable Life subsided into chaos, the policyholders grew fearful for their money.
Equitable Life explains the disparity by saying that the accounts and the returns are prepared on a different basis.
Amid the pressure to get sums right, many funds have closed to new business, as Equitable Life did in 2000.
Private pension saving has been getting a bad name, as the troubles at Equitable Life follow the scandal of personal pension mis-selling.
About 9, 000 more pensioners are to be compensated for losing money on their pension investments with the collapsed Equitable Life insurance company.
"The screaming injustice of the exclusion to date of Equitable Life's oldest pensioners from any compensation is to now be partially addressed, " he said.
That's something, he says, that the Equitable Life case should clarify.
ECONOMIST: Equitable Life sues its auditors and ex-directors
Secondly, Halifax has extended its reach in the long-term savings market by acquiring the sales force and unit-linked business of Equitable Life, the troubled mutual life insurer.
Beleaguered insurer Equitable Life, which closed to new business after losing a landmark legal case, may face further challenges from disgruntled policyholders, a senior lawyer has warned.
Some critics claim the FSA is not up to the job, and point to the Equitable Life saga as one case where it should have spotted problems earlier.
It first went public in 1970, just before one bear market, then sold itself again in the mid-1980s to Equitable Life, before another milder one (in stockbroking shares, at least).
But Equitable Life dented confidence in pension savings vehicles.
ECONOMIST: Policyholders' hopes for compensation are dwindling
Chris Headdon was Equitable's finance director during the crucial years when it ran into difficulties, and he was its chief executive from 8 December, 2000, when Equitable Life closed for new business, until the board was replaced in March 2001.
BBC: NEWS | Programmes | Moneybox | Ex Equitable boss defends record
Thus, it is our firm belief that the only way to combat the social ills of racism, anti-Semitism and intolerance is improved knowledge, attitudes and skills, so that in all parts of our lives we reject violence, protect the vulnerable and live by the values of tolerance, respect for human rights, human dignity and equitable life choices.
Equitable savers have seen their life savings cut as a consequence of the society's troubles.
It will require a broader effort to make life more just and equitable for the people who inhabit this Earth.
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Equitable nearly collapsed five years ago, when it emerged that it could not honour its life insurance policies.
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