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.
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De Vere Group, the offshore IFA, was among the promoters of the Beazley QROPS that has been struck off HMRC's list of approved schemes.

It has not been confirmed how many de Vere clients were put into the scheme, but it is thought it could be more than 100.

Skandia International, the offshore insurer, has now revealed it has 166 cases on its books in which its portfolio bonds were used as an investment platform within the Beazley QROPS.

Advisers from de Vere, which describes itself as the world's largest financial consultancy - with more than 50,000 clients in over 100 countries – are thought to have been the main provider of the Skandia bonds business in which Beazley was the corporate trustee.

The names of other advisory firms that recommended the Beazley QROPS to clients are not currently known.

International Adviser exclusively revealed this week that Beazley had written to clients informing them HMRC had struck it off the QROPS list, the consequence of which could be investors losing 55% of their pension in tax charges.

Proof of 'good faith'Beazley told clients they should write to HMRC, providing all their details and information about the advice they received on the pension transfer, in order to help the Revenue establish whether they moved their pension in "good faith".

If "good faith" – that clients intended to use Beazley as a genuine pension - can be established, HMRC will take a more lenient approach to leveling unauthorised payment charges.

A spokesman for de Vere said it would be doing all it could to help ensure clients are not charged.

"de Vere Group will continue to keep clients fully updated on any developments and will be in frequent contact with the trustees to do all possible to ensure that this matter is brought to a satisfactory conclusion."

The spokesman added that no advice was provided on the scheme by de Vere's FSA regulated UK operation, noting it was only used by international clients.

If "˜good faith' cannot be proved – the implication of which is that clients were intending to bust their pensions at the end of the five year QROPS statutory reporting period – the full 55% is more likely to be applied.

International Adviser has seen an email sent from Beazley, informing clients and distributors that it was closing to new business from July 2008 as a result of its "overwhelming success".

The email said advisers can continue to make transfers into the Beazley scheme until July 31st 2008.

Pension busting claimsAccording to sources, some advisers were openly selling Beazley as a pensions busting vehicle which they could cash in after five years.

It is unclear why clients of the Beazley scheme only received letters informing them it had been struck off the QROPS list in the past few weeks when it shut down more than two years ago.

It is also unknown who is behind Beazley. The Hong Kong equivalent of Companies House lists the sole shareholder and only corporate director of Beazley as a company called Grampian Managers.

The corporate secretary is given as Sovereign Secretaries Hong Kong, which is part of a trust company called Sovereign, which has offices in Gibraltar and Hong Kong.

When International Adviser put questions to Sovereign, a statement was received from law firm DLA Piper!.

It said: "The Beazley Consulting Pension Scheme was set up in 2007?. At the time Hong Kong lawyers advised that the scheme met HMRC's criteria to qualify as a Qualifying Recognised Overseas Pension Scheme ("QROPS") in the UK?.

"Appropriate legal advice was taken in Hong Kong before Beazley Consulting submitted its application to HMRC and HMRC accepted that the scheme met its relevant criteria?.

"Some 18 months later, after taking its own advice, HMRC decided that the regulations to which the scheme was subject did not meet its criteria and that the scheme no longer qualified as a QROPS?.

"This decision also affected other similar schemes,. Since then Beazley Consulting has been working closely with HMRC to resolve the issue and has advised members of the best way forward.."

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Comments

Anonymous
New Delhi, Delhi, India #616344

it is also very rare in internet that is why it was very difficult to understand.

hmrc qrops list

I appreciate you. This is interested to know about

If you want to know more about qrops list , go to the link above.

QROPS

Thanks so much for this post. There is very good and helpful information in this post. Keep up the good work.

Anonymous
#560887

Look.The whole point of devere operating offshore is that they are not regulated by a financial supervisory body (no matter what they say) at best, they only have to abide by very basic rules set out by the countries financial operator.

So, they can put whatever they want in writing. In means nothing.

They will never be taken down due to bad advice because they are not real IFAs. The reason they have been thrown out of a few countries is on technicalities like illegal cold calling, not registering their staff for tax, staff not having visas or licenses etc.

Sorry to say it, but anyone who has had bad advice will struggle to get their money back based on bad advice. It’s a bit like trying to sue the guy in the pub for telling you to bet on the also ran Dandy Highwayman at 3oclock at Chester.

The judge will say, why did you took advice from someone who clearly has no legal obligations or responsibilities to offer you formal financial advice.They are just salesmen, nothing more.

Anonymous
#560517

Scripted meeting, what is the scoop on written proposals for client? There must be some culture on NEVER EVER put a bad proposal in writing.

Anonymous
#559951

Ah, the famous devere group script. Now that brings back the memories! I was told just to make up experience and qualifications if anyone asked.

Who remembers the morning prayers?

Anonymous
#559756

This is the deVere SALES script word for word. Sound familiar? Had a meeting with a deVere uneducated ROBOT? Ha ha ha...

The Second Gear- Introduction P1

Purpose-Sell the company, sell yourself and to establish your ground rules for business.

Agenda

“The purpose of today’s meeting is for me to tell you all about Devere Group ask you some questions and see if we can establish some common ground”

Largest

“deVere are the largest offshore financial consultancy in the world” I know that’s a big claim so let me back it up with some facts...

Last year we did business in over 120 different countries, we have over 80,000 clients and in excess of $8 billion US$ dollars under management and administration. So you can see a lot of people have put their trust in us as a company.

“Now with over 80,000 clients I am sure you will see that service is very important to us...”

Service

“Let me explain, once you become a client of mine here in Dubai I will personally meet up with you, up to 4 times a year, to review your financial position, depending on your requirements of course. This allows me to keep you up-to-date with any changes in the market place, new products or funds available.

This is also a good opportunity for you to keep me informed about any changes in your personal circumstances”

Now the life of an expat/professional can be changeable so should you move to a...

However if you move somewhere more remote, where we don’t have an office, then we have a dedicated Client Services Dept in Malta, that will proactively contact you via phone, fax and email to make sure you are up-to-date with every aspect of your investment.”

Global

As a global company we offer you service all over the world and are the only company able to offer this, so wherever you are, we’ll be in touch with you and you’ll be in touch with your money.

(Close)- “Can you see the benefit of being looked after wherever you are in the world?”

Independent P2

“The next reason we are so successful is we are completely independent”

Let me explain. It may surprise you to know that most of our competitors are owned by financial institutions.

They will tell you “this is the best product for you”. Now I am sure you will agree that no one company has all the best products, all the time.

Being truly independent means we can use all the products and all the companies in the market, which means you get the best product, with the best returns and the best chance of achieving financial security. We use the best companies in the market, you’ve heard of HSBC, Deutschebank, you’ve heard of Fidelity and Scandia?”

Can you see the benefit of working with a company offering un-biased, independent advice?”

Security

“The next reason we are so successful is the importance we place on the security of your money.”

You obviously work hard for you money, so do i.

“With that in mind i will only recommend products that have government backed investor protection so you know you money is safe.”

Summary

So to summarise, we are the largest offshore brokerage in the world, offering un-biased independent advice and products that have the highest levels of security.”

Trial close

“From what you heard so far are you comfortable working with Devere Group?”

I have been working for deVere for the last 4 years in Dubai prior to that i was in financial services for over 10 years in UK (MORE ***), I have found that experience has been invaluable in helping my clients here make major financial decisions.

Products

It’s my job to bullet proof you finances. However i we will never gamble with your money. We only recommend low to medium risk products that grow steadily over the medium to long-term.

Charges-Bullet Points

• Ok Eric, I suppose you’re wondering what all this costs

• Let me reassure you- No direct charge for my time

• You’re a professional guy, everything has a costs right

• Let me explain!!-Suppose Fidelity is right solution for you- largest fund manager

• Whether you invest through them or directly through me= Same product/ Same returns Same charges

• Crucial difference With Fidelity 1X Annual Statement

• With ME- ALL levels of service I mentioned earlier at No extra cost- Can you see the benefit in this

• Construed as a fee-If Professional Person, offering valuable service-Will ask-introduce to 6 professionals here in Dubai... that you know & I don’t..

• Benefit from a meeting like this

• Are you ok with that?

Ground Rules-Bullet Points

• Let me tell you how I work

• Go through confidential Fact Find

• Where you are today/in future/ how to get you there

• Areas where I can help you

• Don’t want my help-OK- Your money-LEAVE

• DO want my help, instruct me to find perfect solution, ask some 

questions

• What funds, Access, Flexibility- You Want

• My job to find that solution

• Fair amount of work involved- don’t want to waste my time

• Gents Agreement-Next time we meet-

• If we agree you have a need

• I find perfect solution/100% right-

• Become Client

• RECAP-If I find perfect product, 100% happy, answered all question,

• I have earned the right to take you on as a client in Singapore?

• ARE you OK with that............... or do you have any questions?

     

     

  

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Anonymous
#434036

This lot were on BBC Panorama fro stitching up some poor old pensioner in UK.They swallowed up 10% of his life savings in charges.

Nigel Green refused to comment.

Look it up on Youtube.com

There is so much all over the internet about these nasty buggers.Just do your due-diligence before parting with any monies.

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