FSA Fines Prudential $45M Over AIA Deal Talks

Law360, New York (March 27, 2013, 3:01 PM EDT) -- The U.K. Financial Services Authority said Wednesday that it has fined international financial services group and insurer Prudential PLC £30 million ($45.4 million) over its failure to inform the agency that it was seeking to acquire AIA, the Asian subsidiary of AIG, in early 2010.

The FSA also censured Tidjane Thiam, Prudential’s group chief executive for playing a significant role in the decision not to contact the FSA about the proposed acquisition, which never actually happened.

“Prudential failed to deal with the FSA in an open and...
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