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12/11/2008 17:35:00

Financial firm fined £1m for mis-selling

A financial advice firm has been fined over £1 million by the Financial Services Authority (FSA) for mis-selling pension products.

AWD Chase De Vere Wealth Management has been ordered to pay £1.12 million as the FSA estimates some 800 customers may have received unsuitable advice.

The City watchdog asserts that there have been serious failings in the firm's pension transfer, pension annuity and income withdrawal businesses, all of which led to mis-selling.

Failings included some customers being given information which was not complete and accurate and others being sold products despite already having adequate provision.

Mike Kirsch, chief executive of the AWD Group, stated that a new management team is working with the FSA to correct the situation.
The FSA recently stated that it is to speed up the integration of its Treating Customers Fairly initiative into its main supervisory work.

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