The FCA has launched a review of Aviva's handling of plans to cancel £450m of high-yielding preference shares at par value, with the regulator set to make a decision on whether a full market abuse investigation is necessary.
Insurance giant Aviva was forced to abandon its intentions, which would have meant the preference shares will no longer count as regulatory capital in 2026, following pressure from investors. In a letter to Nicky Morgan MP, chair of the Treasury Select Committee (TSC), Financial Conduct Authority (FCA) chief executive Andrew Bailey said Aviva's "compliance with the Market Abuse Regulation was forming the primary basis for the FCA's enquiries" into the company's planned share cancellation. He said the regulator's "immediate concern" in the investigation is to understand "the basis upo...
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