Pru leaked e-mail: FSA plans 'ludicrous' and 'horrendous'

Prudential has been forced on the defensive over an e-mail sent to thousands of staff in which a senior executive appears to make a series of disparaging remarks about FSA policies.

In a leaked e-mail published by the Sunday Telegraph, Barry O'Dwyer, deputy chief executive of Prudential's UK business, describes the regulator's policy plans as "ludicrous" and "horrendous". He also alleges "personal prejudices" of the FSA's consumer panel often "determine the direction of regulation" and "over-ride the evidence". The e-mail, dated 9 March and circulated to 2,500 staff, says Prudential should up its lobbying efforts to change regulations it sees as "ill-judged". O'Dwyer says suggestions from the insurance industry over RDR charging rules had been dismissed by th...