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Aviva Investors has paid out nearly £150m in fines and compensation for systems failures that prevented it managing conflicts of interest fairly.
The figure included a £17.6m fine from the Financial Conduct Authority (FCA) which was discounted by 30% by the FCA because Aviva co-operated with it in an "exceptionally" open manner. The other £132m was to ensure investors were not left out of pocket. The FCA said the fine covered failings spanning eight years to June 2013. Aviva Investors is owned by insurance giant Aviva and manages funds valued at £240bn. A range of funds that paid different levels of performance fees to traders were run from the same desk....Read more here
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