Life - Articles - Aviva settlement with the FCA

 Customers’ money and assets are secure with Aviva and are appropriately managed on the adviser platform, and there has been no impact on advisers.

 The FCA’s focus was on Aviva’s UK life adviser platform between January 2013 and September 2015.

 The FCA’s client money and assets (CASS) rules require that companies holding customer money and assets ensure that these are identified, recorded and held appropriately so that they may be tracked, reconciled and returned to the customer when required.

 Aviva has worked closely with the FCA throughout the review, and the FCA has recognised the commitment Aviva has demonstrated in resolving the matter and strengthening its CASS oversight. In particular, the following actions have been taken by Aviva:

 1. Recruited and established a specialist team focusing solely on the oversight of the customer money and assets processes in place for the adviser platform.

 2. Strengthened the governance and controls in relation to the administration of customer money and assets on the platform.

 3. Conducted a rigorous review of all CASS processes.

 4. External experts have supported Aviva in addressing the FCA’s findings.

 Andy Briggs, Chief Executive Officer of Aviva UK Life, said: “We fully accept the findings of the FCA’s review. This should not have happened and we are sorry. Aviva’s customers have not suffered any loss and there has been no impact on advisers. We have addressed and resolved the issues identified. We have made improvements to ensure we have clear oversight of the processes undertaken on the adviser platform, and remain vigilant in our continued monitoring through a dedicated and expert team.”