Wednesday 23 April 2014

Financial regulator fines Aviva €2.5m for ‘serious inadequacies’ in stock lending

THE financial regulator has fined two subsidiaries of insurance company Aviva a total of €2.5m for "serious inadequacies" in its control of stock lending practices within the firm.

Fines of €1.23m were levied against Aviva Insurance Europe SE and Aviva Life and Pensions Ireland.

Both firms had inadequate mechanisms to monitor or control stock lending and failed to set risk limits for the practice.

The Central Bank said in a statement that it considered the matter closed.

Aviva said in a separate statement that no money was lost by its companies or customers as a result of stock lending. It said it has since halted the practice.

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