Asset Management

Aviva preference shares plan under FCA scrutiny

Regulator investigating whether a plan to cancel £450m of preference shares violated market abuse rules

Aviva preference shares plan under FCA scrutiny
Photo: Getty Images

The UK financial regulator is looking into a now-ditched plan by the listed insurance group Aviva to cancel £450m worth of shares that pay fixed dividends to investors.

The plan, which would have seen Aviva cancel so-called preference shares paying dividends of between 8% and 9%, caused their value to plummet when details were made public this month.

WSJ Logo
The Worst Performer in Billionaires’ Portfolios? Trophy Art.External link

The Worst Performer in Billionaires’ Portfolios? Trophy Art.