Oct 5 Britain's financial watchdog said it had
fined British insurer Aviva Plc 8.2 million pounds ($10.4
million) for breaching rules relating to outsourcing client
money and assets at its UK life adviser platform.
The Financial Conduct Authority (FCA) said Aviva had failed
to ensure that it had adequate controls and oversight
arrangements over client money and assets it outsourced to third
party administrators. bit.ly/2dJeGUP
"We fully accept the findings of the FCA's review. This
should not have happened and we are sorry," Andy Briggs, CEO of
Aviva UK Life, said in a statement.
"Aviva's customers have not suffered any loss and there has
been no impact on advisers," Briggs said.
The company said the fine was for historical breaches
between 2013 and 2015.
($1 = 0.7859 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by