The FCA fined Aviva Investors Global Services Limited £17,607,000 for failures in management and control and conflicts-of-interest rules and breaches of Conduct of Business sourcebook (COBS) rules. The firm failed to put in place adequate systems and controls to manage conflicts created by running hedge funds with high performance fees alongside other funds, creating incentives and a weak control environment that allowed two traders to delay trade bookings, misallocate trades and cherry‑pick in May 2013. Aviva Investors paid £135,000,000 compensation to eight impacted funds, and qualified for a 30% early‑settlement discount, so the undiscounted penalty would have been £25,152,900; the Final Notice was published by the FCA on 2015-02-24.