UK news Aviva gets slap on wrist from FCA last news
MetiNews.Com - Insurance giant Aviva has been censured for a statement it made in 2018 that confused investors and sent shares plunging.
Breaking News ! "Insurance giant Aviva has been censured for a statement it made in 2018 that confused investors and sent shares plunging. The Financial Conduct Authority (FCA) said that Aviva had "failed to consider properly its obligations" to ensure that its public announcements do not mislead readers. It said that Aviva had promptly clarified its statement, and helped affected investors, so will avoid a financial penalty from the City watchdog. "This was a significant oversight by Aviva that confused the market for preference shares," said Mark Steward, the FCA's executive director of enforcement and market oversight. "Firms must ensure that announcements to the market are clear and not misleading. But for Aviva's prompt clarification and the payment scheme, this case could have led to a financial penalty.
. But, the FCA said, "Aviva made the announcement when it had, in fact, formed no intention to cancel the preference shares in question". It added: "The impression given by the announcement was not accurate." As a result the value of preference shares dropped between 20% and 26%. Many of those who lost out were individual investors, not large institutional investors. Aviva later clarified the statements, and refunded millions of pounds to the investors."
Source = MetiNews.Com