On November 17, 2014, the UK Financial Conduct Authority (“FCA”) fined Chase de Vere Independent Financial Advisers £560,000 for mis-selling Keydata life settlement products. The firm was found to have insufficiently researched the product to understand its risks and failed to ensure that firm advisors understood those risks. This led to staff ineptly explaining those risks to customers. Advisors were also not provided with standardized wording to help them describe the risks to customers.
The FCA notice is available at: