BRITISH insurance giant Prudential has been fined STG30 million ($A43.67 million) and its chief executive "censured" for failing to inform authorities about a planned takeover of the Asian arm of US insurer AIG, Britain's financial watchdog says.
The Financial Services Authority said the fine related "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 for $35.5 billion.
"The FSA has also censured (chief executive officer) Tidjane Thiam," the watchdog said in a statement.
FSA director of enforcement and financial crime, Tracey McDermott, added: "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.
"That was a serious error of judgement for which Prudential is paying the price. Firms should be in no doubt as to the importance of early communication with the regulator in respect of transformational transactions to avoid market and investor disruption."
Although it censured Thiam, the FSA said it had made "no finding of lack of fitness and propriety in relation to" the chief executive.
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