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Aviva takes £132m profit hit on 'improper' bond trades
by Danielle Levy on Mar 06, 2014 at 09:25
Aviva has taken a £132 million profit hit after two former Aviva Investors employees were found to have improperly allocated bond trades.
Aviva said it had found evidence of 'evidence of improper allocation of trades in fixed income securities' in its fund management division. This occurred prior to 2013. The group noted a total adverse impact on operating profit from this activity of £132 million and said it was taking steps to ensure that customers will not ultimately be disadvantaged as a result of the breaches.
'The relevant regulatory authorities have been notified. A thorough review of internal control processes relating to the dealing policy has been carried out by management and reviewed by PwC. Measures to improve controls have been implemented,' Aviva said in its full-year results.
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