Wealth management firm fined £1.12m for mis-selling

Losses and Lawsuits

LONDON - AWD Chase de Vere Wealth Management has been fined £1.12 million for mis-selling pension transfers and annuities. The UK's Financial Services Authority (FSA) found serious failures that led to products being recommended to customers who already had adequate existing pension provisions or whose risk appetites did not match the products recommended to them.

The firm has estimated up to 800 customers might have received unsuitable advice relating to 1,200 sales between February 2006 and October 2007. The UK regulator said the firm failed to properly disclose the true risks and costs of recommended products and was unable to demonstrate the suitability of its own advice for 39% of all transactions reviewed. The FSA concluded that, based on sample recommendations, the company mis-sold 28% of all transactions.

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