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Chase de Vere response to fine from FSA

Chase de Vere, today fined £165,000 by the FSA over precipice and high income bond promotional material, says it did not intentionally seek to mislead customers with the promotion.

It says it acted promptly to mitigate any actual or potential impact as a result of the promotion, and underlines that all 259 customers who had responded were given the opportunity to cancel their investment without loss. Fourteen customers did so.

Chase says the FSA acknowledges this action was both timely and effective.

Chase points out that it introduced a new management structure in March 2003, and approval of financial promotions is now handled by a divisional sign off team rather than an external compliance consultancy.

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