Therefore the FCA found it “should have been obvious” that the announcement had the potential to mislead preference shareholders into believing Aviva intended to cancel its preference shares at par value.
A spokesperson from Aviva said it accepted the FCA's decision.
They added: "This was a disappointing episode for which we are sorry and lessons have been learned.
"We recognise the uncertainty created for preference shareholders two years ago while we were considering out options and subsequently made discretionary goodwill payments to impacted preference shareholders."
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