Welcome to Devere Group Community

To want to expose bad practice: send the link of this site and threads to everyone you know and ask them to keep sending forward...and just ask people to read and think twice before taking advise from anyone company listed in this site.

Make your own mind up about this dreadful company and the uneducated scammers that represent it. deVere have a nice flashy website but the staff are generally cheap people who will tell you anything to clinch the deal.

Remember the saying- 'Honesty is very expensive gift.

Don't expect it from cheap people!

This sums up deVere in their entirety.

If someone has invested a single penny in this company in spite of all the websites of complaints, videos and a clear history of dubious acts of this company, HE or SHE deserves to get ***...you have been warned...the same goes to those taking up a job with this company...

Absolutely true and accurate. I have met Nigel Green and was an employee when the UAM fund was suspended.

The reason it was suspended? Well, originally set up to mirror 2 JP Morgan funds (so in essence completely unnecessary as you could just buy the funds directly and save yourself paying commission to your "adviser"), at some point in time it decided to step out of its remit entirely and invest in risky property assets. When the rumor came out that the fund was suspending, there was a (futile) rush to pull clients out, but it so happens that this was impossible due to Nigel Green and Mike Coady (both directors) getting preferential treatment allowing them to pull their funds out before every one of their clients. Treating customers fairly?

HHmmmmmmm I will let you decide. I have seen advisers "guarentee" returns of 10% per year, 100% immediate uplift in value when transferring a pension into a QROPS, its criminal what they are doing. I worked as an advisor for 2 months before needing to leave due to the massive hole in my pocket and conscience.

Dispicable company that relies on its international status and transient nature of its client base to avoid repercussion (after all if you get in a bit of a sticky situation, all you do is close down in that country as they did in Belgium and Cyprus or change your name and company structure) It makes me sick that people like this exist, honestly, stealing from pensioners just before retirement. They should do us all a favor and jump off a very tall building

I disagree as im doing this now and im flying high, seems to me that you just wernt cut out to be successful

Really Ronaldo? Because I still have access to the deVere weekly sales figures and I have never seen your initials there. Also, to be cut out for success at deVere you must be seriously lacking in morals, you and I both know this, and if you don't, you will eventually.

Starhollow. I admire your efforts to get the truth out about devere group but I worked for them in Europe and they simple had caller withheld when dialing out.

They knew full well it was illegal but also knew it would be pretty much impossible to pin this on them without proof of a call coming in from them.

The practices in the office I worked at would be criminal in the UK but they are slippery conmen. I could fill you in on lots of info about them but at the end of the day you need evidence.

A bunch of us in our office had random calls from them, they would not say who referred them to us without meeting us in person.

They are thieves, steer well clear.

could you please PM me your contact information? I am collecting proof of the illegal cold-calling activities in Germany in order to have the Bundesnetzagentur (authority supervising this) place a 50.000 EUR fine on them for constantly violating German consumer protection laws with their cold-calling.

And yes, stay away from them....most what they do is not legal in Germany and not even remotely considered to be "advice". Cheerio

I just don't get how people are still investing with these guys.

So the UAM fund, owned until recently by Nigel Green, the CEO devere, and now run by Beverely Yeomans, a devere PA, has gone under with £50Million of clients money.

So the devere sales force were flogging a fund that the boss owned! So, no conflict of interest then. Of course this isn't the only fund he has had interests in. Anyone remember the imperial consolidated fund he was involved with, that lost investors £250million in 2002.

I'm sorry to say that the only winner here is Nigel Green, and there are going to be a lot of unhappy investors with big losses.

But then why would you place your investment with a firm wholly unregulated outside of the UK and with commission only salesmen with double glazing backgrounds. Quite amazing how a good sales script and flashy website can extract cash from expats across the world.

The *** score looks to be a good guide to how much this complaint has hit a nerve. All the sales reps clicking away... :grin

I personally have a friend who did a STM Malta QROPS with deVere, so far he's down 30% the salesman doesn't work there anymore, hey keep changing his funds around earning more commissions. He was told by deVere that they could passport his QROPS to another domicile after everything had settled down with Channel islands.

What a bunch of scammers this lot are. He said he never gets a straight answer from them.

I don't think one can say don't transfer to Malta as a blanket statement as it is a perfectly valid jurisdiction. There are other firms operating in the market.

I think this is a niche market for the well off, those that have quality advisers and have all their international tax affairs up to date and can afford the extra tax compliance fees that will accrue in Malta.This is not a product for the mass market so caveat emptor.

Bear in mind that the QROPS rules in Malta do not allow self-investment, unlike the UK cousin (Self Invested Personal Pension) which might be more appropriate for sophisticated investors. However, as SIPPs are FSA regulated, only UK IFAs with the appropriate pension transfer permissions should advise in this market.

You are right about the Malta QROPS, problem is because Nigel Green owns a large stake in STM Devere are placing all their clients in this scheme. Definitely wrong for the client if they knew all the implications about DTA also what you've just mentioned about having to submit an annual tax return, who wants to do that?

@ justification- your name must be Justin and you premote Boston Fund Platform right? This fund platform just doesn't have enough decent funds which is why I use a bond and select my own funds. Admittedly BF has over 5,000 funds but how many of those are actually used, not many..

If anyone is reading this that is being told to transfer their pension to Malta, please, for your own sake, don't do it. Look at Hong Kong and walk away from the IFA that's recommending Malta, he doesn't know what he's talking about, typical Devere one would say.

I think the rush to Malta might be dampened by the new Maltese proposals for all QROPS members, whether resident in Malta or elsewhere.

All members, even non Malta residents, will need to complete a tax return every year in Malta. What is that going to cost?

The thing is, that before any pension monies can be taken, the member is going to have to prove where he/she is tax resident or the income won't be paid.

No more hiding under the tax radar for some expats here then is there?

Cracking bit of legislation by the Maltese to stop tax evasion.

Do you work for an offshore insurance group? The discounted funds and protection comments are their standard phrases. If there are discounts, then no doubt the bond is set up on a nil commission basis and the cost savings passed onto the client.Do you think that funds are not chopped and changed within bonds? Do you think that commission is not taken on both the bond and the structured notes within the bond?

I cannot see any justification for using a bond in a QROPS. Do all bonds have proper FX possibilities?

An independent platform on an agreed fee basis with the client, with no commissions being generated on switches, might be a better option for QROPS.

There is lots of justification to using an investment bond, severely discounted funds, lots of protection to name a couple. If you put a clients pension lets say directly linked to a trading platform (as it happens devere have one of these) that has over 5,000 funds + some expensive 4% entry structured notes, it would end up costing the client much more money.

Devere like to do this because they chop and change the funds around which generates more income for Devere at great expense to the client I may add.

Anything Devere, run like a dog!

de Vere Group disappeared from their London Knightsbridge office. Personally I doubt whether - as "Claude", July 12th mentions - that they treat UK clients any better.

After all, as the FSA told me directly they do not come under the FSA umbrella and therefore not under the FSA compensation scheme.

I was not even aware there had been a "cooling off" period when the lying, swindling agent sold me a loss-maker.

STM are part owned by... Wait for it.. Nigel Green. How can Devere be giving impartial independent advice if they are placing you in products they have a vested interest? They do this with their funds which they get paid much higher commissions on also. The STM Malta QROPS is not the right product for many of the Devere customers that they have placed their life savings in, simply because if the country you end up retiring to doesn't have a double taxation agreement with Malta you could end up paying up to 55% tax on any drawdown. The Devere sales Rep probably forgot to mention this right?

They talk about pass prying your QROPS in the future to other QROPS destinations, what a load of B...ocks. They are boiler room scam artists of the highest order. I know this because I was involved in their organization for many years. All their meetings are scripted, this you lean at Malta on the training course before you go to country of destination.

Devere do not pay salaries, in some countries you will get an advance against commissions only, this is monitored very closely because if it looks like you have no business coming in they will not pay you. You have to pay for everything including the toilet rolls, heating, air ***, lighting, office rent, this is all deducted in the office costs they charge you every month. They are the worse commission payers in the industry, you will be left with very little if any money, in fact you will probably owe them money which is like being beholden to the devil.

Which seems to indicate the only reason they ostensibly treat their UK customers fairly is because the FSA says they must. Must decent reputable companies define their own standards and resolution process. Not Devere - they don't care about their customers, they see them simply as a source of one time revenue.