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Aviva to compensate pension customers hit by IT issues

Aviva PLC will compensate thousands of customers affected by a technical glitch on one of its pension platforms, Reuters reported May 16, citing a spokesman for the British insurer.

The spokesman said 3% of some 200,000 customers that use the platform have faced payment delays and other issues resulting from a botched technology update.

The news comes after Aviva pledged to offer £14 million in compensation to shareholders who had sold preference shares issued by the company before it withdrew intentions to cancel such shares.

The U.K. Financial Conduct Authority is reviewing the insurer's treatment of its preference share customers, which could result in a formal investigation.