Equitable Life, the troubled British life assurer, has lost the man who runs its finances.

Chief financial officer Charles Bellringer tendered his resignation on Monday, the latest executive scalp to fall as a result of the crisis engulfing the company.

Mr Bellringer, 47, only began working at Equitable in June 2001, joining the board in May of 2002 and brokering a deal to compensate policyholders who have collectively lost millions.

I don't think people will be queuing up at the door for the job

Liz Kwantes Equitable Members Action Group

His departure comes less than two weeks after the company warned policyholders already receiving their pensions that for the first time their payouts were threatened.

It has also admitted that it is bordering on insolvency under rules which demand insurance companies hold sufficient reserves to cover their obligations.

Tragedy of errors

Equitable's recent history has been a catalogue of crises.

Two years ago the company - Britain's oldest life assurer, founded in 1762 - almost collapsed after a court ruling demanding that it honour the high returns it offered some customers in the high interest rate days of the 1970s and 1980s.

The billions in extra liabilities led the company to close its doors to new business and slash bonuses.

Since then, things have gone from bad to worse, with cuts right and left to policyholder returns.

And bondholders have been told that the company might have to skip imminent repayments totalling �346m.

From, not to

Mr Bellringer, who according to Equitable is leaving to "pursue a new and wider challenge in corporations undergoing major change", may not be making his final departure just yet.

His contract includes a six-month notice period, and the company said he did not have another job lined up. He will continue to help the company while they looked for a replacement, it said.

But groups representing aggrieved policyholders said that might take a long time.

"I don't think people will be queuing up at the door for the job," said Liz Kwantes, spokeswoman for the Equitable Members Action Group.