The Board believes the demerger will help Prudential and M&G to become more closely aligned to the interests of their customers and shareholders,” Prudential Chairman Paul Manduca said.
The fine relates to the period between July 2008 and September 2017, the FCA said, adding that as of Sept. 19, 2019, Prudential has offered around 110 million pounds in redress to 17,240 customers.
A UK High Court judge in August blocked the transfer of the annuities, which are closed to new customers, from Prudential’s UK business M&G to Rothesay, following complaints from policyholders.
Prudential's UK unit M&G will appeal a recent judgement blocking a transfer of 12 billion pounds ($14.75 billion) in annuities from Britain's largest insurer to rival Rothesay Life, M&G's Chief Financial Officer Clare Bousfield said on Friday.
LONDON, Sept 25 (Reuters) - Prudential and M&G, its UK and European business, will spend 350 million pounds ($433.30 million) on their October break-up, Britain’s largest insurer said in a demerger prospectus published on Wednesday.
The top U.S. securities regulator on Monday said it had charged AST Investment Services Inc. and PGIM Investments LLC, subsidiaries of Prudential , for failing to disclose conflicts of interest and making misleading disclosure to the boards for 94 insurance-dedicated mutual funds.