Chase fined £1.1 million for pension mis-selling

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AWD Chase de Vere Wealth Management was fined £1.12 million by the Financial Services Authority, the largest penalty for mis-selling imposed by the FSA since Lloyds TSB was hit for £1.9 million five years ago.

The regulator said Chase de Vere had transferred pensions or organised pension annuities for people who already had perfectly adequate pensions, or moved them from safe to riskier products.

FSA director of enforcement Margaret Cole said: "This fine of £1.12 million reflects that AWD Chase de Vere failed to establish its customers' needs and did not provide them with complete and accurate information."

The mis-selling went on from February 2006 and October 2007 when Chase de Vere earned £8.6 million in commissions from this part of its pensions business.

The FSA said as many as 800 people may have been the victims of mis-selling. Chase de Vere has started to contact them to offer compensation.

Mike Kirsch, chief executive of parent AWD, said: "I would like to apologise to all our clients who have been affected. We regard any lapse in our standards as unacceptable."