Regulation  

FCA’s Adamson joins the Prudential and JP Morgan

FCA’s Adamson joins the Prudential and JP Morgan

The former supervision director at the FSA when it fined Prudential Plc and Prudential Assurance Company £30m in relation to their intended acquisition of AIA, has joined the insurer as a non-executive director.

Prudential Assurance announced on 12 June that Clive Adamson had been appointed to the board as of 8 June, and that he would be chairing the board’s risk and capital committee.

On the same day a spokesman for JP Morgan confirmed that Mr Adamson would be joining JP Morgan International Bank, JP Morgan Private Bank’s main legal entity in Europe, the Middle East and Africa, as a non-executive director.

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As part of the move, awaiting regulatory approval, Mr Adamson will serve as a senior adviser to JP Morgan Emea across investment management, private banking and investment banking.

He will answer to Sally Dewar, JP Morgan Chase and Co’s head of regulatory affairs in Emea, who previously worked for the FSA.

Mr Adamson worked as the director of supervision for the then-FSA’s conduct business unit, from 2011 to the changeover to the FCA in 2013. Mr Adamson remained as director of supervision and board member at the FCA until December 2014, when he left in the wake of the Davis Review.

During his tenure in this role, the FSA issued Prudential Plc with a £14m fine for failing to deal with the regulator in an open and co-operative manner.

In a 32-page final notice published on 27 March 2013, the FSA said Prudential had failed to deal with regulator the UK Listing Authority in an open and co-operative manner when it was seeking to acquire AIA, an AIG subsidiary, in early 2010, because Prudential did not contact the UKLA about the proposed acquisition until it was leaked to the media.

The original consideration proposed was US$35.5bn (£22.7bn), including US$20bn (£12.7bn) in cash, to be funded through a rights issue. But later Prudential sought to renegotiate the terms of the transaction and AIG refused to accept a lower offer.

Adviser view

Rebecca Aldridge, managing director of Nottinghamshire-based Balance: Wealth Planning, said: “Clive Adamson is a human being and he can work wherever he wants. The companies that employ him can choose from the candidates they are presented with.”

Email: david.baxter@ft.com