FCA censures Aviva for 2018 misleading market announcement

Following an investigation the FCA found that a market announcement made by Aviva on 8 March 2018 concerning the firm's preliminary year-end results was reasonably capable of giving the impression that Aviva intended to take action to cancel at par value certain preference shares, which had been described at the time of issue in the early 1990s as "irredeemable". At the time, the preference shares were trading above their par value and so the statement caused concern that holders would incur losses on cancellation. At the close of market on that day the market price for Aviva's prefer...