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How can the Ombudsman sleep at night when he allows the Devere group to carry on trading? T.W.M.

In 2010, my wife and I received a request from the DeVere representative handling the account to switch a significant part of the mutual funds we had to a group of new funds. This included allocating a quarter of the proceeds to the Strategic Growth Fund.

Three years later, came the debacle which over the last 4 years became a disaster, as it is now almost sure that we have no chance of money recovery. Therefore, under the advice of DeVere, we lost at least a quarter of our savings.

We have contacted DeVere officially, and their response has been simply shocking, denying first any involvement from DeVere, and when confronted with the facts, recommending to seek legal advice !!!

I was lied to by the Devere rep that signed me up. I've lost a lot of money (for me) based on their advice in a fund that was "frozen" for a number of years but my fees still continued.

I've now reached the 8 year point which gives me the right to get out and I've spent 3+ months getting the run around from a Callum Gracie on what was needed to close the account. I've sent in form after form. Waited for undue time for responses. Then told more forms were needed.

Two weeks ago I asked him to clearly and specifically tell me what forms were needed for a currier to pick up. He sent a list and the currier picked them up as arranged.

Today I receive a list of additional forms that are needed. They are either scamming me or highly incompetent.

Original review posted by user Sep 15, 2018

I have had an uphill battle with this company without any light at the end of the tunnel. My investment advisor has provided absolutely no advice, my investments have depreciated by over 50% over a period of 10 years and the only solution is to withdraw the funds and take the loss.

Unfortunately the small print says that the funds will only be released once the investments have been sold. So for the next 10 years or so, the management fees and commissions will be paid until I suppose the investment ceases to exist. They should be strung up and shot for manoeuvring behind the smoke and mirrors of their marketing lies. I have subsequently been told that my financial advisor was thrown out of Qatar and the UAE, imprisoned in Oman and has left the company.

Through other avenues, I discovered that he still works for the same company but behind a connect "separate" entity. Perhaps all the people that have been fleeced by this company should pay a personal visit to their offices.

In response to your email enquiring if DeVere have contacted me

De Vere have never contacted ......me other that to sell more investments and the caller seemed to think I had taken 37,000 out of the account rather that the real 21,000 of which 15800 was A pcls

There has never been any contact prior to my complaint

I cannot withdraw any more ( over 5 quarters since last payment because the agent set the payment too high and the account will implode if I withdraw any more ) from the pension. one agent called to sell a qrops to my wife and in response to my problems said this is too complicated. ( email ) I have emails showing that the agent was aware that I wanted a PCLS but somehow the trustee did not get the instruction

The docs sent to my wife show a fact find doc making 2,version one official and not seen before August 2018) and signed by me and one hand written and not seen by me prior to 22 august 2017 De Vere have chosen to use the hand written one to reject my complaint and have ignored all the other entries on the hand written version

De Vere say there has been considerable contact from themselves, if so my letter box and telephone line must be as broken as DE Vere . The one call I have had was to sell more and he thought I had withdrawn 37k , Now I have found my wife (who also is a big loser to DV but offered £500 in respect of possible a 4k loss and which she refused) has been sent confidential documents ref my qrops .

my comments about compliance 30 day cooling off commenced 8th mar but I was supposedly sent it on the 29th mar and there is so much more, it has taken me a long time but I have dug out the emails from the advisor.

question ?

would any savvy investor take on a fund with 5% initial charge and 3.07% annual charges had they known about them I don't think so ! a letter from the advisor says he didn't know of the charges so how then could he have declared them?

Original review posted by user Jul 27, 2018

I had as many as 6 advisors and each of them does not recognise the mistakes made by the prvios one.

The customers compliance office in itself dos tel lies, claiming that my pension investment was in profit when in fact it was in a large loss and suspended but deVere is still in denial.

Come on DeVere owe up to your responsibilities and not just give boastful answers

My husband and I purchased a Generali "Vision Plan" #94035832 in Abu Dhabi through Devere Group, in July 2013. We are Americans who were both consulting in the UAE at the time.

For the past 9 weeks (starting on 5/21/18), we have been trying to cash out our policy, having been fully paid in all fees and having an account in good standing. Devere Group and Generali REFUSE to release the the full surrender value of our plan, despite us following every ridiculous instruction.

The Devere Acuma group in Abu Dhabi (evalyn.gomez@devere-acuma.com and jason.ambayec@devere-group.com

Tel: +971 2 509 0500, Mobile:+971 52 984 6139) required an ENORMOUS amount of forms and documentation, all originals with original signatures, to be couriered to Abu Dhabi. Evalyn and Jason received the documents, confirmed that the documents were all correct, and stated that they will forward the documents to Generali in Ireland. Then the Ireland HQs REFUSED to speak to us.

They received the documents and claimed that they were not the right documents. They (Thomas at international number 002539060222) further claimed that the plan we clearly have is illegal to purchase in the UAE. Therefore Devere broke the law selling it to us despite accepting our $3600US monthly payments for nearly 4 years. Thomas further stated that "he doesn't care what we were told." I think that is a side scam, b/c they are still asking for a completely different set of documents such as an original active lease, original utility bill, drivers' license, and a certified copy of my husband's passport...ALL TO PROVE OUR ADDRESS is what Thomas said.

I have DOZENS of emails to prove our experience with Generali and Devere. We are initiating a lawsuit against Generali and Devere for refusing to release the full surrender value of our policy.