Asia Public Affairs

Asia Public Affairs – Asia and the Middle East

Looking at the nascent Asian markets in which Prudential operates, the growing domestic consumer base and the sophistication of the firms that seek to serve them typically translate into an increased appetite among the regulatory authorities of these markets for access to information outside their home jurisdiction as they seek to respond to these and other market developments.

Prudential has long recognised that working with governments and regulatory authorities in host countries forms an essential part of our work. We place considerable emphasis on sharing our financial services expertise with official governmental delegations and commercial delegations who visit Prudential.

We have established relationships with the domestic governments and regulatory authorities within the jurisdictions in which we operate, and work with these institutions as policy is developed within the financial services sector.

Our work in all these dialogues is guided by the recognition that the public affairs activities of financial services organisations, such as Prudential, have a significant role to play in the development of public policy, sitting as we do at the interface of government and consumer.

The United Kingdom government has also sought to play a leading role in the evolving international regulatory landscape. In May 2007, H.M Treasury announced the creation of the International Centre for Financial Regulation (ICFR). The Centre will seek to satisfy the highly diversified demands of regulatory authorities worldwide for information on best international practice as they devise a regulatory approach best suited to their individual stage of development, and ultimately, support the businesses that operate there and the consumers they serve.

As a founding supporter of the ICFR, Prudential looks forward to working with the Centre and the regulatory authorities of the markets in which we operate as the ICFR’s programme of activities develops.

The proposal to establish the ICFR emerged from the High Level Group on Financial Services, an initiative of the Chancellor of the Exchequer, the Rt Hon. Gordon Brown MP, which aims to enhance the competitiveness of London 's financial services companies and the United Kingdom 's financial services sector more broadly. Prudential's Chief Executive, Mark Tucker, sits on the High Level Group. Mr. Tucker is also a member of the Asia Task Force, an initiative of the Secretary of State for Trade and Industry which aims to boost the United Kingdom 's trading relationships with the economies of Asia .

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