Aviva is to pay compensation to tens of thousands of investors in one of its funds who were erroneously led to believe their capital was protected.
The group is to pay about 40,000 investors in the Aviva Deposit fund an average of just over £55, meaning the company is set to pay out some £2.2m, according to the Telegraph. Aviva admitted literature accompanying the fund suggested the value of customers' money could not fall below the amount they had invested. Yet, since 2009, the fund has lost 2.3%, according to figures provided to the Telegraph by FE Trustnet. Aviva, which said it uncovered the error following a company-wide review, blamed the fund's performance on record low interest rates. Aviva chief operating officer K...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes