FCA Fines Aviva GBP8.2 Million Over Client Asset-Protection Failings
05 October 2016 - 9:00PM
Dow Jones News
By Rory Gallivan
LONDON--The U.K.'s Financial Conduct Authority fined Aviva PLC
(AV.LN) 8.2 million pounds ($10.4 million) over failings in its
protection of client assets.
The FCA Wednesday said it fined Aviva Pension Trustees U.K. Ltd.
and Aviva Wrap U.K. Ltd. "for failings in its oversight of its
outsourced providers in relation to the protection of client
assets."
The FCA said that no clients lost money due to Aviva's failings,
but added the company failed to put adequate controls in place over
third-party administrators of clients' assets.
Aviva agreed to an early settlement and received a 30% discount
to the GBP11.8 million fine it would otherwise have received.
Aviva shares at 0921 GMT, were up a penny, or 0.3%, at 449
pence, valuing the company at GBP18.22 billion.
Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
(END) Dow Jones Newswires
October 05, 2016 05:45 ET (09:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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