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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.


When the going gets tough … get advising

What lessons can we learn from the events of the last 12 months? Most executives of IFA firms say it has been a very difficult year although business picked up in the second half. The reasons behind this are clear. War in Iraq contributed to a sense of uncertainty by investors. As reform of our […]

Cater Allen launches multi currency account

Cater Allen is launching a multi currency account for private clients aimed at frequent international travellers. Called the Private Bank Account, it allows funds to be held in Sterling, US dollars, euro, or all three.

IFA survey puts Pru and NU as worst for service

Prudential has topped a White-church Network survey of its members revealing which providers have the worst service and attitude to IFAs, with Norwich Union close behind. Prudential scored an average 2.09 out of five for service, making it the worst, with Norwich Union in second place with 2.24 and Scottish Life third on 2.53. Legal […]

2003:The year that went PI-shaped

It has been a difficult year for IFAs, with professional indemnity cover going through the roof and the run-up to mortgage regulation adding to workloads. Informed Choice managing director Nick Bamford says he is paying 12 times as much as he did two years ago for PI insurance, with an excess three times higher. He […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


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