Former FCA director Clive Adamson to join Prudential
Former FCA director Clive Adamson is set to join Prudential, possibly as a non-executive director.
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City A.M. reported that Adamson is in talks with Prudential's UK business. He left the FCA in December following the release of a report criticising executives over a blunder that affected insurance companies' share prices.
Back in March, Adamson announced a probe into closed-book policies dating back to the 1970s, causing shares of major insurance companies to drop by up to 22% before the review was clarified.
It was reported that the FCA would investigate companies' high exit charges, when they only intended to gather information surrounding the way in which customers subject to those charges were being treated.
The report criticised the way the FCA handled market sensitive information, and the length of time the firm took to clarify the review. Adamson lost a bonus of up to £72,750, before announcing he would be leaving the organisation as part of 'structural changes'.
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