Aviva has set aside almost £100m after two former workers in its fund management arm breached its trading policy, The Independent has reported.
The insurance giant discovered the ex-employees breached rules between 2006 and 2012. PricewaterhouseCoopers completed a review parts of the business after the breaches, which took place between 2006 and 2012, were discovered.
Aviva said customers have been notified and they may receive redress.
More optimism in the Capital
London business is now more buoyant about the UK’s prospects for growth than in the last three years, according to the Financial Times.
A quarterly survey of business by the CBI employers’ organisation and KPMG, the professional services group, revealed that optimism about the economy over the next six months has jumped to 69 per cent from 56 per cent among companies in the capital.
Risks arising from Scottish independence
According to the Daily Telegraph, Britain’s biggest companies could be forced to give investors a risk assessment arising from Scottish independence.
Lawyers said firms should consider including an update on the impact that a ‘yes’ vote would have on their operations. Lloyds Banking Group and Royal Bank of Scotland have already launched internal reviews as to what the impact of independence would be.
China credit crunch fears
The Guardian reports that The People’s Bank of China is playing down fears of a credit crunch, following a shortage of day to day cash among commercial banks which yesterday drove market interest rates to almost 10 per cent.
The bank said it would top up the $50bn in liquidity provided to markets last week, as it attempts to counter fears that China’s financial sector is heading towards the financial crisis that western banks encountered.
Rolls Royce in SFO probe
The Serious Fraud Office has launched a formal criminal investigation into allegations of bribery and corruption at Rolls Royce, according to the Guardian.
Rolls Royce has been under the spotlight since late 2012, following allegations of malpractice in Indonesia and China. Rolls Royce then proceeded to commission an independent investigation that revealed “matters of concern”.