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UK's FCA fines Aviva for client money, asset outsourcing breaches
October 5, 2016 / 9:56 AM / a year ago

UK's FCA fines Aviva for client money, asset outsourcing breaches

Oct 5 (Reuters) - 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.

“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 Amrutha Gayathri

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