Aviva compensates investors as money market fund makes loss

Aviva has issued redress to customers after a money market fund which it said would protect capital fell into the red, according to the reports.

The firm’s Aviva Deposit fund has lost 2.3% over the past five years, belying a statement in old marketing literature which suggested initial investments would be protected, according to the Telegraph. While the company pointed to record low interest rates as being to blame, the paper also highlighted the impact of the product’s 1% charge. “As part of our continual review of our products we are currently mailing our Aviva Deposit fund customers to emphasise that their investments can fluctuate according to market conditions, and that these type of funds are intended as a shorter-term ...