March 23, 2018 / 7:05 AM / in 3 months

Britain's Aviva scraps plan to cancel preference shares​

LONDON, March 23 (Reuters) - British insurer Aviva said on Friday it would abandon a plan to cancel high-yielding preference shares that had been opposed by investors and drawn scrutiny from Britain’s Financial Conduct Authority watchdog.

“I am very aware that Aviva is in a position of trust with our customers and investors,” Aviva’s chief executive Mark Wilson said. “To maintain that trust it is critical that we listen to and act on feedback. The reputation of Aviva, and the trust people have in us, is paramount.”

He added that not proceeding with the plan “means that preference shareholders can rest secure in their holdings.” (Reporting by Ben Martin Editing by Mark Potter)

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