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I have worked with a number of IFA's in several locations and deVere Group have been the most consistent by a mile.They have always been proactive and everything has always been clearly explained to both myself and my wife and I have been guided in the right direction but ultimately given the the choice.

We have made money consistently but, more importantly, whatever the return has been it has kept my wife and I discipled as we put something away every month and that's the point I think people miss. Sure your investments will fluctuate like any economic cycle but will you be better off in 15 years having saved something every month??

I know we are.I would recommend deVere to anyone and in fact have helped three of our friends by putting them in touch with my advisor.

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Anonymous
Paphos, Paphos, Cyprus #700883

Hi all,

You may or may not be aware that the cowboys have now closed the Cyprus office.

http://www.international-adviser.com/news/europe/devere-departs-cyprus :cry

Great news for residents of Cyprus.

Of course one still needs to be careful. The old unqualified salesmen started to leave in April, once the news broke of the Belgium licence being withdrawn. There will be a number of these salesmen moving to other firms on the island. If you are approached, ask about their previous firms, ask about their experience in the industry and ask about their qualifications. Check them out on LinkedIn. The DipPFS or DipFA is the UK standard qualification (there are one or two other equivalents) that UK based advisors must have. I know of only 4 of us on the island that have this level of qualification. In Cyprus as long as the company has a licence the advisors do not have to have any qualifications at all. About 15 of their team sat an exam in April 2013 - the CII IF1 exam - rules and regs in general insurance - some proudly have this displayed on their LinkedIn profile. Just check out the UK CII website and you'll see where this qualification ranks in the grand scheme of things (I'll say no more on this at the moment)

6-8 months ago a number of the Devere salesman were - kitchen fitters, web designers, retail sales managers, and yes a used car dealer. I would recommend you...

Good luck.

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Anonymous
Limassol, Limassol, Cyprus #693939

@ Worm,

This leads to the next question. If this firm had a branch in Cyprus, did it comply with the local regulator as a branch under the establishment rule, prior to 18th March?

Anonymous
to Cypriot #694119

Each country has its own rules of common good to which local branch establishments must apply. From the press articles I have read this company had an insurance license so the local regulator in Cyprus is the ICCS. If you google " ICCS, Cyprus" and follow the links then the rules are there.

I do not know the specific situation but rules like this can usually be found quite easily for firms to follow.

Anonymous
#693852

In simple terms - freedom of services, working from your home state, selling under the rule of your home state, sales made either by post/telephone to the client in the host state or by fly-in visits (tripping-in). Freedom of establishment - the home state gives you authorisation but a branch is set up in the host state. Sales are made under the rules of the host state, the local, host state regulator is informed and the branch pays tax accordingly.

Referrals may be made to another country but this makes the assumption that the firm in the other country has a license to sell back into the country from where the referral was made.

Hope this helps.....

Anonymous
Limassol, Limassol, Cyprus #692749

@ Qualified advisor

If this is really the case, and I would not know how to check this, then this leads to a question or two.

Are there any staff in Cyprus still selling financial products? If so, if you are correct in your statements, is this legal?

Or, have all the remaining staff left?

What protection from which regulator do the clients of this firm have if products were sold since March 18th?

Can someone from the company please come on here and comment?

Anonymous
to Cypriot Limassol, Limassol, Cyprus #693306

Hi Cypriot,

In theory there should have been no cold calling, no selling, no promotion etc since 18th March.

If you fee that this has been the case then the email for the ICCS is insurance@mof.gov.cy to report this fact.

Are you a client of DV? Or have they tried to sell to you since the 18th March?

Of course it may be the case that ex DV salesmen (and women) in Cyprus are now referring people to another Nigel Green part owned company.

Hope that helps.

Anonymous
to Qualified advisor in Cyprus Limassol, Limassol, Cyprus #693342

I should point out that my posts are just based on curiousity only, since reading an old Daily Mail article and the plight of a retired couple.

I am struggling to understand how all this "passporting " works and I have read a few regulators' websites and am underwhelmingly none the wiser.

A firm in the EU can apply for an EU passport to sell products and services of a financial nature to people in another EU country. That bit , I understand. I have heard references to "tripping in" on such a licence.

What if a firm opens an actual branch in another EU country and employs people in that country and , presumably, pays local income and corporation tax? Is that covered under the passport rules or does that branch have to be regulated with the local regulator? I think this issue is important, but I cannot find the answer.

I am asking this as there are lots of adverts for expats to take advice from experts that have, in some cases, offices in the country and sometimes not. How is the average man in the street going to understand all this? Is this a deliberate ploy with those in power to collude with financial organisations with a view to confuse?

Anonymous
#692736

The Cyprus office passported in under the Belgium licence. This was annulled in March (18th I believe). Allegedly the have applied for a licence directly to the Cyprus insurance regulator (there are 2 Financial Services regulators in Cyprus.) The supposed application was made after 18th March.

In the meantime a number of their employees have left.

Astonishingly they brought over the latest batch of recruits (and yes one is/was actually a used car salesman) with no Financial Advice quals after the 18th March.

From their clients I have heard the expected lines being trotted out. 'The licence is in the post', 'The licence has been lost in the post', 'We're expecting the licence any day now'. To obtain the licence a number of steps have to be made including the directors obtaining confirmation of non bankruptcy status and confirmation of no criminal record. The directors should also hold the appropriate qualifications and be resident in Cyprus - which given most of the Cyprus office has no where near the correct qualifications would be difficult.

Hopefully now the Cyprus clients will understand they need to speak with qualified individuals from a firm regulated by ICCS and CySEC.

Anonymous
Limassol, Limassol, Cyprus #692703

Anyone any idea why the Cyprus office has been dropped from the list of global offices? Is this an error, or are they no longer interested in Cyprus as a result of the economic situation ?

Anonymous
San Jose, California, United States #679112

i worked for deVere selling expensive front loaded policies. I did a few stitch up pension transfers too. We put all the clients money into STM Malta whereby the client has to fill out a Tax return every year, deVere told us not to mention that. Nigel owns a very large part of STM. I also put lots of clients money into UAM fund which has recently frozen with up to $50M of clients money locked down. Nigel Green also owned this fund up to 2012.

How an deVere say they are independent when the boss owns his own Life Co & the investments you are recommending to clients! the previous poster is right- deVere are SCAMMERS!

Did you see Nigel's ears on his YouTube blog? Instead of his nose getting bigger it's his ears. You'd think with all that money he'd get them pinned back!