Advisers and retail investors warned on Aviva £450m preference share cancellation impact

Follows institutional investor vote that saw none vote against

An adviser has urged retail investors to vote against a cancellation of Aviva and General Accident irredeemable preference shares in upcoming votes.

Chancery Lane Income Planners founder Doug Brodie is concerned that retail investors, particularly pensioners, could be hit by the cancellation of the preference shares that provide a reliable source of income. Aviva AUM rises 17% as assets on adviser platform hit £50bn in 2024 "For retail investors – the typical investor we describe as the granny from Wigan, people who just need the money – preference shares say irredeemable," Brodie said. "Irredeemable – it is plain, unambiguous language to everyone. "What they should be doing is tendering, not cancelling, and saying, ‘if you do ...