Prudential’s Tidjane Thiam has become the first chief executive of a FTSE 100 company to be censured by the Financial Services Authority, for misconduct during the insurer’s failed takeover of AIA in 2010.
The City regulator said Prudential had failed to tell the watchdog it planned to launch a $35.5bn (£23.4bn) bid for its Asian rival.
Along with the censure, Prudential was fined £30m because it “failed to deal with the FSA in an open and co-operative manner”.
The first the regulator heard about the deal was when it was leaked to the media on 27 February 2010. Prudential had been working on it since October 2009, and contacted the chief executive of AIG, AIA’s owner, in December of that year. The FSA said Prudential ignored advice from its adviser, Credit Suisse, to inform the regulator.