Reply by Devere Group

As the most regulated independent financial consultancy in the world, deVere Group strictly adhere to international regulatory laws. By partnering with some of the world’s most respected investment providers, deVere are able to provide clients with trusted financial products helping them to achieve their financial goals and aspirations. Working in financial services can be hard but very rewarding; we provide full training turning our advisers into fully qualified financial planners gaining CISI qualifications.

J.M.writes: In 2007 the deVere Group advised me and my wife to invest in the Premier Property Options Fund and the Premier Diversified Property Fund, described in the sales brochure as 'low volatile investments'. We were advised they would provide an immediate regular income and we invested £100,000 from our life savings. The transaction took place in Cyprus, where we have a holiday home. In 2010 the Options Fund was compulsorily redeemed and the Property Fund frozen, with losses of about 60 per cent. We complained and found that deVere in Cyprus comes under a licence issued to deVere in Belgium, but this licence only covers insurance.

The deVere Group describes itself as 'the world's largest independent international financial planning consultancy'. Its London office is licensed by the Financial Services Authority, but you were stuck in the regulatory minefield called 'passporting'.

Leaving aside the particulars of your dispute, I should explain that under an absurd European Union rule, there is a fiction that if a company has a financial services licence in one country, then it deserves a 'passport' to operate in every other country without further vetting. This assumes all regulators are equally efficient and provide equal consumer protection. Total rubbish.

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I was mis-sold a disastrous portfolio in which I was assured I would have an annual income. All that has happened is that I have lost a third of my savings..

I am in the ludicrous position of PAYING fees for people to lose money for me.

there should be ways of bringing these devious creatures to book. They are far too slippery and dishonest.

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