FCA fines Aviva Life £8m for platform client money failings

Aviva had outsourced administration of client money

The Financial Conduct Authority (FCA) has fined Aviva Life £8.2m for failing to ensure client assets were protected under outsourcing arrangements on its platform.

The FCA said Aviva had failed to put in place appropriate controls over the providers to which it had outsourced the administration of client money on its platform. This resulted in its failure to challenge the internal controls and competence of its outsourced providers. As a result, Aviva failed to detect and rectify Client Asset Sourcebook (CASS) risks and compliance issues in time, the FCA said. CASS rules are designed to ensure client assets are adequately protected in the event of a firm's failure. Although no client money was lost at Aviva, the FCA said had the firm suffe...