Do not withhold plans for messing with the global financial system from the Financial Services Authority. (Until Monday, anyway.)
Prudential Plc has been fined 30 million pounds and had its CEO publicly censured for failing to inform Britain’s financial watchdog about an ill-fated Asian takeover….
The FSA said the abortive $35.5 billion takeover of AIA in 2010 would have transformed the company and could have damaged the stability and confidence of the financial system in the UK and abroad.
“Prudential, led by Thiam as CEO, failed to give due consideration to its obligation to inform the FSA of this transaction, which would have had a huge impact on the group had it gone through,” said Tracey McDermott, head of enforcement at the FSA.
“That was a serious error of judgment for which Prudential is paying the price.”