Aviva hit with £8.2m fine for putting customers' cash at risk through an outsourcing company
Aviva has been fined £8.2million after it failed to properly oversee how an outsourcing company handled customers' funds.
The Financial Conduct Authority watchdog said there was insufficient oversight on US financier Citi which managed some tasks for the insurance giant's OpenWealth service.
No clients lost out but the FCA said it was a serious breach because Aviva had known about the problem for several years before acting on it.
Enforcement director Mark Steward said: 'There is no excuse for not having robust controls and oversight systems in place.'
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