FCA Says Aviva 2018 Share Buyback Probe 'Remains Priority'

Law360, London (June 19, 2020, 2:41 PM BST) -- The Financial Conduct Authority has told a parliamentary committee that a review into Aviva PLC "remains a priority," two years after the insurance giant alarmed investors by announcing that it would buy back preference shares.

The City watchdog has told the Commons Treasury Committee that it is looking into an episode in which Aviva told investors in a surprise announcement in March 2018 that it had the ability to cancel — or buy back — high-yield preference shares.

The insurer hinted at the time that it would buy back £450 million ($557 million) of preference shares. Owners of this class of...

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