FCA reviewing if Aviva share cancellation plan broke market abuse rules
CEO Andrew Bailey sends letter to MPs.
The Financial Conduct Authority (FCA) is conducting a review into Aviva to see if its plans to cancel £450m of preference shares broke market abuse rules.
In a letter to Treasury Select Committee chair Nicky Morgan, FCA chief executive Andrew Bailey said that the regulator welcomed Aviva’s U-turn and decision not to cancel the shares.
He explained that the watchdog was reviewing whether a formal investigation needed to be conducted.
Aviva initially revealed its intention to scrap some of its
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