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10 months ago
BRIEF-UK's FCA fines Aviva companies for client money and assets failings
October 5, 2016 / 9:16 AM / 10 months ago

BRIEF-UK's FCA fines Aviva companies for client money and assets failings

1 Min Read

Oct 5 (Reuters) - UK's Financial Conduct Authority (FCA):

* FCA fines Aviva Pension Trustees UK Limited and Aviva Wrap UK Limited 8.2 mln stg for client money and assets failings

* Aviva breached FCA's Client Assets Sourcebook (CASS) rules and requirements between Jan 1, 2013 and Sept 2, 2015

* During period Aviva failed to put in place appropriate controls over third party administrators

* Also found deficiencies with Aviva's internal reconciliation process which resulted in under- and over-segregation of client money

* During period from Feb 10, 2014 to Feb 9, 2015 under-segregation peaked at 74.4 mln stg Link to full text: (bit.ly/2dJeGUP) Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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