FCA fines Chase de Vere £560k over Keydata sales

The Financial Conduct Authority (FCA) has fined Chase de Vere Independent Financial Advisers £560,000 for failures surrounding the sale of Keydata products.

Between August 2005 and June 2009, Chase de Vere's advisers sold Keydata life settlement products to 2,806 customers who invested a total of £49.3m. The Financial Services Compensation Scheme has paid compensation to eligible customers up to the scheme limit, which was £48,000 per customer at the time. Some 139 customers invested a total of £4.4m over the scheme limit, and the majority of these customers may not recover the full losses arising from their investment. Chase de Vere has agreed to review past sales and to make redress where appropriate. Chase de Vere did not research t...