FSA Fines Prudential And Publicly Censures Its CEO

On 27 March 2013, in one of its last acts before being abolished, the Financial Services Authority ("FSA") announced the outcome of enforcement action against Prudential and its Chief Executive Officer, Tidjane Thiam. The proceedings arose from Prudential's attempt in 2010 to acquire AIA Group Limited ("AIA"), a subsidiary of American International Group Inc ("AIG"). In three final notices, the FSA announced:

• a financial penalty of £14 million on Prudential plc ("Prudential"), the FTSE 100 listed company, for breach of Listing Principle 6 ("A listed company must deal with the FSA in an open and co-operative manner");
• a financial penalty of £16 million on The Prudential Assurance Company Limited ("PAC"), a UK regulated insurance company, for breach of Principle 11 of the FSA's Principles for Businesses ("A firm must deal with its regulators in an open and co-operative way, and must disclose to the FSA appropriately anything relating to the firm of which the FSA