A Claims Management Company

Mis-Sold investment - Chase De Vere IFA

Latest Update: 9th October, 2018 (New Model Advisor)

Case Points

Total amount invested

Unknown

Why did people invest in it?

Chase de Vere has offered financial advice to their clients since founding in January 1987, and their long existence may appear to be attractive to potential investors.

Why was it mis-selling?

Chase de Vere have been censured by the FCA and other UK financial bodies on three occasions since 2014, including for mis-selling offences.

Potential value of cases

Unknown

Summary

Chase de Vere Independent Financial Advisors Limited was incorporated in January 1987 under the name Riverwing Limited. They have subsequently been known by a number of other names including AWD Wealth Management Ltd, Thomson’s Wealth Management Ltd and AWD Chase de Vere Wealth Management Ltd. They are a part of the wider Chase de Vere Group.

In 2014, Chase de Vere were fined by the FCA a total of £560,000 for the sales of Keydata Investment products. Keydata was closed in 2009 by the Financial Services Authority (the precursor to the FCA) for breaking tax rules, and insolvency, causing the loss of almost £450 million to investors. Chase de Vere sold Keydata products to 2,806 customers between 2005 and 2009, who invested a total of £49.3 million.

The FCA stated that Chase de Vere had failed to conduct appropriate due diligence and research into the Keydata products. This had caused them to fail to understand the risks posed to customers by the Keydata products and, resulting from this, that Chase de Vere Advisors then failed to appropriately explain the risks to the investors.

In 2017, Chase de Vere posted losses of £1.2 million, which the firm described in a statement as being “partly a result of an FCA ‘investigation’ into ‘a discrete area of work the business was undertaking and no longer carries out’”. This area is believed to be their Transfer Value Analysis reports related to defined benefit pensions which the firm discontinued in 2017. These reports were offered to third parties that was seeking to undertake these pensions transfers, and the revenue from this service contributed at least £900,000 to the business per year based on revenue losses in 2017.

In 2018, Chase de Vere were embroiled in further scandal when the Financial Ombudsman Service ordered them to cut a pension advice charge from £15,000 to £2,000. The FOS stated that the client had not been provided with an appropriate breakdown of costs to justify this fee. They also noted that Chase de Vere “should’ve had a lot of this information readily available to them” so should not have charged for such a high number of hours. The fact that de Vere could not justify the charge by showing the data that they had spent 28 hours gathering and analysing was also stressed in the ruling.

You are likely to have a potential claim on the basis of advice from a regulated firm. The claim above is only an example of a potential claim. Each claim is judged on its individual merits and as such, we cannot guarantee that your individual claim will be successful or that you indeed may have grounds for a claim.

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