Aviva Investors took £130m hit from 'improper' bond trades

The "improper" allocation of trades in fixed income securities by two former employees cost Aviva Investors some £132m, it has announced.

It was reported last year that Aviva had set aside £92m for compensating customers affected by the activity. In its full-year results for 2013, it has revealed the full scale of the impact of the trades, which took place between 2006 and 2012. "There is a total adverse impact on operating profit from this activity of £132m," it said. "We are taking steps to ensure that customers will not ultimately be disadvantaged as a result of these breaches of the dealing policy." It has notified the regulator of the trades and has implemented changes to its controls related to its dealing poli...