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| Prudential fined £30m over AIA bid | Prudential fined £30m over AIA bid |
| (35 minutes later) | |
| Insurance giant Prudential has been fined £30m by regulators over its 2010 bid to buy AIA, an Asian subsidiary of US insurer AIG. | Insurance giant Prudential has been fined £30m by regulators over its 2010 bid to buy AIA, an Asian subsidiary of US insurer AIG. |
| The Financial Standards Authority (FSA) has also censured Tidjane Thiam, Prudential's chief executive. | The Financial Standards Authority (FSA) has also censured Tidjane Thiam, Prudential's chief executive. |
| The regulator said Prudential had failed to inform it of its plans to buy AIA and had failed "to deal with the FSA in an open and cooperative manner". | The regulator said Prudential had failed to inform it of its plans to buy AIA and had failed "to deal with the FSA in an open and cooperative manner". |
| Prudential's deal to buy AIA eventually failed after shareholder opposition. | Prudential's deal to buy AIA eventually failed after shareholder opposition. |
| The FSA felt it should have had more time to decide whether or not to approve the deal on regulatory grounds, especially since Prudential's proposed £14.5bn rights issue to fund the purchase would have significantly changed the company's risk profile. | |
| The FSA said the deal "had the potential to impact upon the stability and confidence of the financial system in the UK and abroad". |