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Aviva to start shares compensation this week

Aviva-signage-building-2013-700.jpgAviva is set to start refunding investors who lost money in its preference share fiasco earlier this year.

According to The Times, the payout scheme will open this week.

In its full-year results in March, Aviva said it could cancel existing preference shares as one option for returning capital to shareholders.

However, the provider was met with criticism over the potential move by shareholders, which led to it backtracking later that month.

Aviva says fewer than 2,000 individual investors sold their preference shares between 8 and 22 March. The provider is now offering £14m compensation.

It previously said the goodwill payment recognises the uncertainty for preference shareholders while it was considering its options.

Aviva is set to report its first half results this week.

Since January, the provider has worked to manage issues with its platform, which switched technology provider.

Aviva moved assets on its platform from Bravura technology to FNZ but the project has been beset with issues, including advisers and clients not receiving payments, trades not being completed, difficulties running quotations, accessing valuations and getting the platform to accept new applications.

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