Reply by Devere Group

Dear Mr Descamps, we are sorry very to hear that you are unhappy with the service you have received from our company. It is one of our priorities to ensure that client satisfaction is upheld. Your communication has been referred directly to the Head of Compliance from deVere UK, who will be in contact with you shortly. We note that you have previously corresponded with deVere’s Legal department and we are assured that they are making enquiries into the concerns you have raised and will also contact you.
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Not a lot happened since my previous Pissed-consumer review and official claim to deVere UK end 2015, regarding the inclusion in my portfolio of what subsequently appeared as a 'boutique commodity hedge fund", i.e the Brighton SPC Kijani fund.

I later read the latter was involved in a financial criminality case now being investigated by relevant authorities in the Cayman Islands, where the fund moved from Mauritius Island in obscure conditions, without the customer being advised of any of the worrying chain of events occurring since end 2014, if not earlier, allowing him to prevent foreseeable damages as the adviser kept silent.

With things being un- and misrepresented to me, I indeed suddenly learned that the fund was placed into liquidation by a PWC ( being the appointed liquidator ) letter dated october 9, 2015.

As an investor, I then provided the appointed liquidator, through deVere, the details of units sold January 2015, 29, amounting to more than 25.000 GBP.

Since then, no news even though deVere assured me at managerial level they were "doing all they can as a company to resolve the situation ( in object ) as soon as possible", and that I will be "kept updated with any news as and when they get it".

My claim was partly addressed by their Corporate and Legal Department in February 2016, with regards to legal matters, mainly the compliance of their activities to the applicable regulations in my countries ( Belgium ). Actually they mainly try to cover any legal responsibility, with arguments I am checking versus my country's regulations.

I never got any response from the Customer service, although this was asked, further to deVere Corporate & Legal's suggestion.

The reasons of my claim were largely and factually detailed, starting by the fact that such fund should not have been be sold by deVere-Belgium end 2012, just before a sudden and unnotified closure of this office, de facto transferring Belgian customers- who had no choice- to deVere UK, which then declined responsibilities about what their Belgian office did.

They also argue they are not the investor ( the Life-insurance company , just an adviser, and one can legitimately wonder what are they paid for.

One issue is that the poor customer service, the lack of pro-active communication, and the delays in answering questions have at least worsen my situation. Recently, de Vere again changed the adviser handling my interests, which means a new breach of continuity in the follow-up of critical matters.

As of today, I still have more than 25.000 GBP "on hold", hanging in the air, with no clue of what possibly happened since the written confirmation late october 2015 to PWC of the required proof of investment .

I have no informations whatsoever about subsequent developments affecting the outcome of my investment notification. I cannot imagine a company like PWC has not come with some conclusions, even temporary, over a period of 10 Months.

Philippe Descamps

Product or Service Mentioned: Devere Group Consulting Service.

Reason of review: Poor customer service.

Monetary Loss: $28000.

Preferred solution: Deliver product or service ordered.

Devere Group Pros: First contacts with belgian office.

Devere Group Cons: Service response, Lack of replies-information, Ever changing advisors.

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