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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
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- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
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Insurance Firm Aviva Fined £8M - Failed to Supervise 3rd Party Provider
Insurance firm Aviva UK Life agreed to pay an £8.2 million fine to the Financial Conduct Authority for failing to ensure adequate oversight of clients’ assets on outsourced platforms, marking the 1st time the U.K. regulator enforced its rules for protecting client money and custody assets.
The so-called CASS rules aim to ring-fence clients’ assets from those of the firm to prevent losses for clients in the event of a failure, and require insurers keep client money in segregated accounts. Even if a 3rd third party is managing the funds, the insurance firm remains “fully responsible for compliance with CASS rules,” the FCA said in the statement.
