Reply by Devere Group

Our advisers ensure that clients fully understand all investments prior to the start date. Clients receive full information packs about their investments and are fully aware of all the terms and conditions prior to signing any agreements. We also conduct regular reviews of our clients’ investments to monitor performance and to make sure that our clients’ investments remain in line with their goals and aspirations. We pride ourselves on offering the very finest customer service in the industry, which is why our compliance team regularly contacts clients to answer any questions.
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De Vere & Partners Financial Planners now the deVere Group Calculated Miselling of products:

I was purposefully misold a pensions saving product and was blatently mislelied to when I asked questions about to clarify the companies policies and fee structures.

I went to De Veres looking for a pension product. I knew that I would only be in Hong Kong for a few years but while there was on an enhanced salary and wanted to put it to good use.

 I therefore told De Veres that I needed an internationally portable product that would allow changes in premiums without penalty. 

 When I asked questions concerning the policies and fee structure of the plan they had suggested I was blatently lied to and misold a product that is none of these things, but could have been if it had been managed in a way that was beneficial to me and my circumstances and not theirs. 

Instead De Veres set up my policy to give them a maximum commission up front leaving me with huge fees that will eat up much of the profit being made when I leave Hong Kong, it has huge early exit fees to cover De Veres up front commission fees and with very little scope of funds on the international market. I would also stryggle to find another advisor to manage the plan for me as ALL commission was paid up front to De Veres...this can never be in a clients best interest and I was NOT made aware of this!!!

Incidentally, I was promised regular update reports and meetings to discuss the progress of my plan on its completion and instead I recieved no further contact from them at all. 

 After becoming tired of chasing them I moved the plan to another financial advisor who kindly agreed to manage it for me.All of this information came to light very recently when I sought advise on returning to the UK. 

 I went to see De Veres to discuss the issues raised and recieved conflicting advise which I checked out with my plan providers. Several e mails went back and forth, with each e mail came a different and conflicting real of excuses to the point where they told me not to believe my plan provider.

Realising that there was something decidedly shifty I sent a letter to De Veres outlining all of my concerns. This was a month ago and as yet I have not recieved a reply. It looks like this will become a legal issue.

I wish I could say I was naive but the fact is I did ask pertinent questions regarding De Veres suggestions. If I had been given truthful answers to my questions I would not have purchased this product. My naivity lies in believing their replies. 

Please be careful if you have any dealings with deVere. 

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