UK's FCA Fines Aviva GBP8.2 Million -- Update

(Adds Aviva response).

By Rory Gallivan

LONDON--The U.K.'s Financial Conduct Authority fined Aviva PLC (AV.LN) 8.2 million pounds ($10.4 million) over failings related to protection of client assets.

The FCA Wednesday said it fined Aviva Pension Trustees U.K. Ltd. and Aviva Wrap U.K. Ltd. "for failings in its oversight of its outsourced providers in relation to the protection of client assets."

The FCA said no clients lost money due to Aviva's failings, but added the company failed to put adequate controls in place over third-party administrators of clients' assets.

Aviva agreed to an early settlement and received a 30% discount to the GBP11.8 million fine it would otherwise have received.

Aviva Chief Executive Andy Briggs said the company fully accepts the FCA findings.

"This should not have happened and we are sorry," he said. "We have addressed and resolved the issues identified," he said.

Shares of Aviva were unchanged at 448 pence at 1051 GMT, valuing the company at GBP18.18 billion.

-Write to Rory Gallivan at [e-mail]; Twitter: @RoryGallivan

(END) Dow Jones Newswires

October 05, 2016 07:27 ET (11:27 GMT)

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