Asset Management

FCA fines Aviva Investors for systems and control failings

Incentive structure created conflicts of interest as traders had an incentive to favour one fund over the other

Tuesday 24 February 2015 at 07:04

FCA fines Aviva Investors for systems and control failings

The UK Financial Conduct Authority said Tuesday it has fined Aviva Investors £17.6 million for failing to manage conflicts of interest fairly.

The FCA said that between August 20, 2005 and June 30, 2013, Aviva Investors employed a "side-by-side" management strategy on certain desks within its fixed income area whereby funds that paid differing levels of performance fees were managed by the same desk.