FSA fines Pru­den­tial £30 mil­lion

The Pak Banker - - COMPANIES/BOSS -

The Fi­nan­cial Ser­vices Author­ity (FSA) has fined com­pa­nies in the Pru­den­tial Group (Pru­den­tial) a to­tal of £30 mil­lion for breach­ing FSA Prin­ci­ples and UKLA List­ing Prin­ci­ples.

The fines re­late to Pru­den­tial's fail­ure to in­form the FSA at the ap­pro­pri­ate time that it was seek­ing to ac­quire AIA, the Asian sub­sidiary of AIG, in early 2010. The Fi­nan­cial Ser­vices Author­ity has also cen­sured Tid­jane Thiam, Pru­den­tial's Group Chief Ex­ec­u­tive.

Pru­den­tial failed to deal with the FSA in an open and co­op­er­a­tive man­ner when it was seek­ing to ac­quire AIA in early 2010, be­cause it did not in­form the FSA of the pro­posed ac­qui­si­tion un­til af­ter it had been leaked to the me­dia on 27 Fe­bru­ary 2010.

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