15:27 27 March 2013
The Prudential, the large insurance firm that are also known by some as the ‘Pru’, has been fined upto £30million by the Financial Standards Authority (FSA) it has emerged.
Based on reports, the group are to be penalised for not fully informing the FSA, who are a regulator, of plans when it came to the Prudential striking a deal with the AIA.
The Prudential’s Chief Executive Tidjane Thiam is understood to have also been censured by the FSA.
The company’s deal with the AIA - which is part of the insurance group AIG, of America – relates back three years ago to 2010.
“Prudential failed to deal with the FSA in an open and cooperative manner when it was seeking to acquire AIA in early 2010,” the FSA said in a statement, as reported by The Telegraph.
It continued to say; “because it did not inform the FSA of the proposed acquisition until after it had been leaked to the media on 27 February 2010.”
The Prudential did not manage to complete the deal, and their plans were left unfulfilled.
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