Keydata fine: Chase de Vere's three big mistakes

National IFA Chase de Vere made more than £1.6m in commission from selling more than 3,800 Keydata plans to some 2,800 customers between August 2005 and June 2009. But many of the sales were inappropriate. Though the firm's Final Notice published by the Financial Conduct Authority (FCA) revealed it had a product research and approval team in place, that most customers had only small proportions of their portfolios in the plans, and that it later mandated how its advisers discussed the products' risks to clients, these were not enough to prevent serious failings. Here, we outline Ch...