Aviva handed £8.2m fine for failings on protection of client assets
The Financial Conduct Authority (FCA) said Aviva Pension Trustees UK and Aviva Wrap UK did not have the right controls in place after outsourcing the administration of its custody assets.
Mark Steward, the FCA's director of enforcement and market oversight, said: "Aviva outsourced the administration of client money and external reconciliations in relation to custody assets, but failed to ensure that it had adequate controls and oversight arrangements to effectively control these outsourced activities."
The FCA said Aviva breached the Client Assets Sourcebook (CASS) rules between... read more
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