Thermodynamical, optical and dielectric characterisation of a material possessing ferroelectric SmC* and hexatic SmB* phases has been carried out. Phase identification has been done by miscibility studies. From the dielectric studies, a relaxation mechanism is observed in the low MHz region of the SmA* phase, which is related to the tilt fluctuation (soft mode) of the directors. In the SmC* phase, another collective relaxation mechanism has been observed in the kHz region, which is related to the phase fluctuation (Goldstone mode) of the directors. In the SmB h * phase, 2-weak relaxation modes are observed in the kHz and MHz frequency range, respectively, due to individual molecular rotations.