The Central Bank has found that Aviva Investors Ireland Ltd breached six regulatory requirements under the Client Asset Requirements and has fined it €30,000.

The six breaches were detected by the Central Bank during an inspection in November 2009 and the Central Bank said they occurred because the company's policies and procedures were inadequate and in some instances not adhered to.

Clients did not suffer any financial loss due to the breaches, the Central Bank said.

Among the six breaches, the Central Bank said the company failed to properly designate its internal record for 184 client accounts and also failed to get required confirmations from seven credit institutions before lodging client monies.

The Central Bank said the fine imposed reflects the importance it places on the Client Asset Requirements, as they are a 'key protection for customers of authorise investment firms'.

'This is the second settlement agreement we have concluded for breaches of the Central Bank's client asset requirements in the past nine months', the bank's director of enforcement, Peter Oakes, said.

'Compliance with the requirements is highlighted as a priority area in our Enforcement Strategy and we will continue to focus resources to help achieve acceptable standards across industry,' he said.

'The client asset requirements are founded on key principles including, the safeguarding of clients' ownership rights, especially in the event of a firm's insolvency, and preventing a client's assets from being used in a manner contrary to the client's express consent. The requirements are a vital safeguard designed to protect a client's assets,' he added.

He said the Central Bank will continue to take enforcement action against regulated firms which fall short of the required standards.

The Central Bank said that all breaches at Aviva Investors Ireland have now been rectified and confirmed that the matter is now closed.