Prudential plc (PUK, PRU.L) and its subsidiary The Prudential Assurance Company Limited have agreed to settle with the Financial Services Authority, or FSA, over issues relating to the attempt to acquire AIA, the Asian subsidiary of AIG, in early 2010. The companies have agreed to pay fines totalling 30 million pounds, in respect of a decision by the FSA that it and the UKLA should have been informed earlier about Prudential's contemplation of the potential transaction.
"The FSA accepts that Prudential did consider their obligations in forming their assessment in respect of informing the regulator. Therefore, although the FSA considers that the circumstances of these breaches are serious, the FSA does not consider they were reckless or intentional," FSA stated.
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