Announcement in Relation to Regulatory Actions by SGX and/or Other Authorities::Regulatory Action

Issuer & Securities

Issuer/ Manager
AVIVA SINGLIFE HOLDINGS PTE. LTD.
Securities
AVIVA SLIFE S$550M3.375%N310224 - SGXF86578394 - 94TB
Stapled Security
No

Announcement Details

Announcement Title
Announcement in Relation to Regulatory Actions by SGX and/or Other Authorities
Date &Time of Broadcast
15-Jun-2021 13:32:23
Status
New
Announcement Sub Title
Regulatory Action
Announcement Reference
SG210615OTHRXYG6
Submitted By (Co./ Ind. Name)
Aviva Singlife Holdings Pte Ltd
Designation
General Counsel
Effective Date and Time of the event
15/06/2021 13:30:00
Description (Please provide a detailed description of the event in the box below)
REPRIMAND ISSUED BY THE MONETARY AUTHORITY OF SINGAPORE TO AVIVA LTD AND AVIVA FINANCIAL ADVISERS

The Board of Directors (the "Board") of Aviva Singlife Holdings Pte. Ltd, the parent company of Aviva Ltd (the "Company"), refers to the reprimand issued by the Monetary Authority of Singapore ("MAS") on 15 June 2021.

The Board wishes to assure all stakeholders including our customers and investors that we take our responsibility towards effective governance and regulatory compliance very seriously. The lapses identified by the MAS occurred prior to the sale of Aviva Singapore to a consortium led by Singapore Life which was completed in November 2020. Following the transaction, the newly constituted Board has invested significant time and resources to address the underlying issues. We have strengthened our controls to prevent the recurrence of such issues, and these are being validated by an independent external auditor. We have effected leadership changes at Group, Aviva Ltd and in Aviva Financial Advisers entities respectively to strengthen management effectiveness and accelerate culture change. We will ensure we hold ourselves to high standards on regulatory compliance. Going forward, creating great customer experiences backed by quality advice is our top priority.