Aviva plc Rotten Score Breakdown

In October 2016, the UK Financial Conduct Authority fined Aviva Pension Trustees UK Limited and Aviva Wrap UK Limited £8,246,800 for failures involving oversight of outsourced providers and protection of client assets. The FCA found breaches between 1 January 2013 and 2 September 2015. The companies lacked adequate controls and resources for overseeing outsourced administration of client money and custody-asset reconciliations. Internal reconciliation deficiencies led to both under-segregation and over-segregation of client money; under-segregation peaked at £74.4 million. The FCA reported that no actual loss of client money or custody assets occurred. This record concerns regulated Aviva subsidiaries and does not claim that customers suffered a realized financial loss. Source / proof: UK Financial Conduct Authority: https://www.fca.org.uk/news/press-releases/fca-fines-aviva-pension-trustees-uk-limited-and-aviva-wrap-uk-limited-8-2m