Pru under FSA investigation for failed AIA bid

The FSA is investigating Prudential and its investment bank advisers Credit Suisse, JPMorgan and HSBC over the insurer's $35bn aborted bid for AIA, according to reports.

Prudential was ordered by the FSA to commission law firm Clifford Chance to conduct a skilled persons report into the management of the AIA deal, the Financial Times reported, citing people close to the situation. The external Section 166 report is focusing on Prudential's investment bank advisers, Credit Suisse, JPMorgan and HSBC, and whether they carried out their duties properly. Section 166 investigations can force changes to procedures and policies at the companies involved, and lead to enforcement action by the FSA. Last year, the UK regulator ordered a record 140 companies t...