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.”