The non-executive directors of Equitable Life finally bowed to pressure from angry policyholders and promised to step down 12 days after the 238-year-old mutual shocked the life assurance industry by closing its doors to new business.

Mr John Slater, Equitable's president, and seven non-executive directors will step down once replacements have been found. The appointments will need to be made before the society's a.g.m. in May.