The Financial Conduct Authority said Aviva had failed to properly oversee third parties used for administrative tasks involving client money and the reconciliation of client assets between January 2013 and September 2015. Photo: AFPLondon: Aviva Plc was fined £8.2 million ($10.5 million) by the UK markets regulator for failures related to its use of outsourcing, the second penalty for the insurer from the watchdog in two years. The penalty is the latest for Aviva from the FCA after the insurer was fined £17.6 million in 2015 for failing to manage conflicts of interest among funds in its fixed-income business. “Firms are reminded that regulated activities can be delegated but not abdicated.”The FCA said while the issue was serious, there was no loss of client money. “This should not have happened and we are sorry,” Andy Briggs, chief executive officer of Aviva UK Life, said in a statement.

Source: Mint October 06, 2016 11:15 UTC