The identification of the first truly ferroelectric liquid crystal in a compound which also shows chiral C, I and G prime phases at higher temperatures is reported. In the new phase the director can be oriented in a bistable way with an electric field V in a time tau such that V. 1n tau is proportional to temperature. Furthermore, when the field is turned off, the orientation remains. This behavior indicates a fundamental difference between the new phase and bulk chiral smectics.