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Chase de Vere fined over precipice bonds

Chase de Vere is the first IFA to be fined over precipice and high income bond promotional material with the FSA imposing a £165,000 penalty.

The FSA says a Chase de Vere marketing campaign promoted funds that were unclear, unfair and misleading. The case relates to a direct offer promotion for high income and precipice bonds circulated with more than 2 million copies of national newspapers and directly mailed to 236,000 prospective customers.

FSA director of enforcement Andrew Procter says: “The FSA has made it clear time and time again that financial promotions must not mislead and that significant risk factors should be given due prominence. Chase de Vere failed to heed the warnings.”


Pensions reforms good for drawdown – Annuity Bureau

Pensions simplifications will prove to be a boost for the income drawdown market according to IFA the Annuity Bureau. Head of marketing David Marlow says the new proposals, published alongside last week&#39s pre-Budget Report, will allow investors to withdraw as little as £1 a year from their scheme from April, 2005. And those with larger […]

Norwich Union fixes income

Norwich Union has introduced the fixed income plan 4, a capital-protected bond that gives investors a choice between monthly, annual or rolled-up income over a five-year term. The bond is also available as an Isa or Isa/Pep transfer. It is linked to the FTSE 100 index and pays 5.65 per cent income a year, 0.44 […]

Pru chief hits back at Miles over SVR claims

Prudential national mortgage club manager John Malone has defended mortgage lenders against an attack from Professor David Miles in his interim report published last week. Miles was asked by Chancellor Gordon Brown in April to look into reasons for the lack of take-up of long-term fixed-rate mortgages in the UK. The interim report said that […]

Cazalet claims Moms beat Fofs

Manager of managers should provide superior risk-managed portfolios, strategies and returns compared with fund of funds, according to a report by Cazalet Consulting. The report, commissioned by Scottish Widows to assess its tie-up with leading multi-manager Russell Investment Group, argues that Fofs are limited because they can only invest in retail funds available in the […]


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