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

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. "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 don't want to tender, absolutely fine, you keep it there'." A broad bru...