March 21, 2018 / 10:35 AM / in a year

UK markets watchdog asks Aviva to explain preference share plans

LONDON, March 21 (Reuters) - Britain’s markets watchdog has asked insurer Aviva to explain the legal basis for recent statements about the cancellation of its preference shares , it said on Wednesday.

Aviva said earlier this month that it had the ability to cancel the shares but added in a statement last week that no decision had been taken yet.

“The FCA (Financial Conduct Authority) has already been making active enquiries into the issue, including asking the firm to explain the legal basis for its statements concerning the cancellation of the preference shares,” it said in an emailed statement.

“We are engaging with the firm, its advisors and security holders, including complainants,” it added.

Reporting by Carolyn Cohn, editing by Kirstin Ridley

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