Aviva subsidiary fined €205m over conflicts of interest

Aviva Investors Global Services has paid out £150m (€205m) in fines and compensation after failing to control conflicts of interest, the UK’s markets watchdog said yesterday.

The Financial Conduct Authority said it fined Aviva Investors £17.6m for systems and controls failings spanning eight years to June 2013.

“These weaknesses led to compensation of £132m being paid to ensure that none of the funds Aviva Investors managed was adversely affected,” the regulator said.