Aviva fined £8.2m for breaking FCA rules
Insurance company Aviva has been fined £8.2m by the Financial Conduct Authority (FCA) for breaking the rules on the protection of clients' savings.
The problem occurred when responsibility for pensions and investments was outsourced to financial advisers between 2013 and 2015.
No individuals suffered a loss.
The company apologised, and said it had made improvements to make sure that client money was now properly protected.
The FCA said Aviva had failed to put in place appropriate controls that would ensure investors would get their money back, should the company fail.
"Had Aviva... read more
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