National IFA firm Chase de Vere has hit back at newspaper reports that it has over-incentivised its advisers to boost sales.

According to the Times, a recent awards ceremony in Manchester saw trophies presented to top selling advisers who were also rewarded with holidays to the South of France for being top fee earners.

The newspaper alleged that while basic salaries at Chase de Vere were as low as £18,000 per annum, top advisers can make as much as £670,000.

However Chase de Vere says the story has “misrepresented” the company and how it operates.

It said any incentives are never at the cost of putting the client first.

Stephen Kavanagh, chief executive at Chase de Vere, said: “We are disappointed that The Times has willingly misrepresented our company culture and operations. The results that we achieve for our clients and the overwhelmingly positive feedback that we receive demonstrates the quality of service provided by our advisers.

“We operate in an entirely transparent and accountable manner, ensuring that our clients are fully informed of our services and associated fees at every step.

“We have robust controls in place to continuously monitor the activity of our advisers to ensure that they, along with all of our employees, operate in the best interests of our clients at all times. Our client focused processes and quality controls ensure that we reward only those employees who are exemplary performers and we are proud to celebrate their achievements for our clients.”

St James’s Place has also faced recent newspaper criticism for its incentive packages.

A number of financial adviser businesses, often operating on a self-employed model, reward advisers for beating fee income targets.