Reply by Devere Group

All investments carry an element of risk, we help prepare our clients for the positives and negatives that investments may produce. deVere Group are IFA's and as such we introduce our clients to top performing funds. We do not manage money ourselves. STM is a UK listed trust company in which the general public are free to own shares. Pensions transferred to Malta/Gibraltar or other locations can be transferred to other locations if required. 
San Diego, California

I wish I could have found this site before letting those lying cheating *** anywhere near my pension. I have since found out that I was fed a pack of lies by the Devere salesman.

I have seen my pension plummet in value because it's been put in investments that Nigel Green has a hand. To top that off they've put my pension in Nigel Green s Malta company STM where I will be liable to pay considerable tax when I start taking my benefits, this is because the country I am retiring to doesn't have a double taxation agreement with Malta.

This and many other important things I have since found out, the salesman forgot to mention.

Take my advice for what it's worth-do not entertain anyone from that dreadful company, they just tell you what they think you want to hear-period.

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To want to expose bad practice: send the link of this site and threads to everyone you know and ask them to keep sending forward...and just ask people to read and think twice before taking advise from anyone company listed in this site.


I personally have a friend who did a STM Malta QROPS with deVere, so far he's down 30% the salesman doesn't work there anymore, hey keep changing his funds around earning more commissions. He was told by deVere that they could passport his QROPS to another domicile after everything had settled down with Channel islands.

What a bunch of scammers this lot are. He said he never gets a straight answer from them.


I don't think one can say don't transfer to Malta as a blanket statement as it is a perfectly valid jurisdiction. There are other firms operating in the market.

I think this is a niche market for the well off, those that have quality advisers and have all their international tax affairs up to date and can afford the extra tax compliance fees that will accrue in Malta.This is not a product for the mass market so caveat emptor.

Bear in mind that the QROPS rules in Malta do not allow self-investment, unlike the UK cousin (Self Invested Personal Pension) which might be more appropriate for sophisticated investors. However, as SIPPs are FSA regulated, only UK IFAs with the appropriate pension transfer permissions should advise in this market.


You are right about the Malta QROPS, problem is because Nigel Green owns a large stake in STM Devere are placing all their clients in this scheme. Definitely wrong for the client if they knew all the implications about DTA also what you've just mentioned about having to submit an annual tax return, who wants to do that?

@ justification- your name must be Justin and you premote Boston Fund Platform right? This fund platform just doesn't have enough decent funds which is why I use a bond and select my own funds. Admittedly BF has over 5,000 funds but how many of those are actually used, not many..

If anyone is reading this that is being told to transfer their pension to Malta, please, for your own sake, don't do it. Look at Hong Kong and walk away from the IFA that's recommending Malta, he doesn't know what he's talking about, typical Devere one would say.


I think the rush to Malta might be dampened by the new Maltese proposals for all QROPS members, whether resident in Malta or elsewhere.

All members, even non Malta residents, will need to complete a tax return every year in Malta. What is that going to cost?

The thing is, that before any pension monies can be taken, the member is going to have to prove where he/she is tax resident or the income won't be paid.

No more hiding under the tax radar for some expats here then is there?

Cracking bit of legislation by the Maltese to stop tax evasion.


Do you work for an offshore insurance group? The discounted funds and protection comments are their standard phrases. If there are discounts, then no doubt the bond is set up on a nil commission basis and the cost savings passed onto the client.Do you think that funds are not chopped and changed within bonds? Do you think that commission is not taken on both the bond and the structured notes within the bond?

I cannot see any justification for using a bond in a QROPS. Do all bonds have proper FX possibilities?

An independent platform on an agreed fee basis with the client, with no commissions being generated on switches, might be a better option for QROPS.


There is lots of justification to using an investment bond, severely discounted funds, lots of protection to name a couple. If you put a clients pension lets say directly linked to a trading platform (as it happens devere have one of these) that has over 5,000 funds + some expensive 4% entry structured notes, it would end up costing the client much more money.

Devere like to do this because they chop and change the funds around which generates more income for Devere at great expense to the client I may add.

Anything Devere, run like a dog!


de Vere Group disappeared from their London Knightsbridge office. Personally I doubt whether - as "Claude", July 12th mentions - that they treat UK clients any better.

After all, as the FSA told me directly they do not come under the FSA umbrella and therefore not under the FSA compensation scheme.

I was not even aware there had been a "cooling off" period when the lying, swindling agent sold me a loss-maker.


STM are part owned by... Wait for it.. Nigel Green. How can Devere be giving impartial independent advice if they are placing you in products they have a vested interest? They do this with their funds which they get paid much higher commissions on also. The STM Malta QROPS is not the right product for many of the Devere customers that they have placed their life savings in, simply because if the country you end up retiring to doesn't have a double taxation agreement with Malta you could end up paying up to 55% tax on any drawdown. The Devere sales Rep probably forgot to mention this right?

They talk about pass prying your QROPS in the future to other QROPS destinations, what a load of B...ocks. They are boiler room scam artists of the highest order. I know this because I was involved in their organization for many years. All their meetings are scripted, this you lean at Malta on the training course before you go to country of destination.

Devere do not pay salaries, in some countries you will get an advance against commissions only, this is monitored very closely because if it looks like you have no business coming in they will not pay you. You have to pay for everything including the toilet rolls, heating, air ***, lighting, office rent, this is all deducted in the office costs they charge you every month. They are the worse commission payers in the industry, you will be left with very little if any money, in fact you will probably owe them money which is like being beholden to the devil.


Which seems to indicate the only reason they ostensibly treat their UK customers fairly is because the FSA says they must. Must decent reputable companies define their own standards and resolution process. Not Devere - they don't care about their customers, they see them simply as a source of one time revenue.


As devere are not a proper IFA firm and only sell unregulated financial products they do not need to disclose commission.

In fact, I know that devere often have the policy docs and statutory cooling off notice sent to the office rather than the client to avoid the client finding out the full plan info (charges/restrictions etc) and avoiding the client sending back the cancellation notice (they cant cancel if they don't have the notice!)

Also lots of these guys switch the underlying funds on a regular basis for further commissions without notifying the clients. Its a licence to print money.

Of course, many of the funds have undisclosed conflicts of interest, as they are invested in companies that Nigel Green (CEO devere)has controlling interests in. Look it up!


Justification was an extra level of protection from the taxman.


To "Answer",

I walked right into that!

What justification was given to customers for having an insurance bond in a QROPS?

I assume the 7% plus 3% plus underlying commission is not something that is flagged up when people sign on the dotted line.


Investment bond 7% commission plus underlying fund commission circa 3% plus QROPS commission circa 3%.



Out of interest, since this was mentioned on this thread,what was the justification for having an insurance company investment bond in a QROPS?


@Baldhead Brigade - My mistake, I got Providence Life and Friends Provident mixed up - Friends Provident have beeen around for centuries (since 1832), now trading as Friends Life. lol


We ve tried we been to solicitors in the Netherlands that cost us more money. Its practically ruined my marriage

We ve been to solicitors in the Netherlands.

I believe the dutch authorities are interested in them as well I just want someone out there to help us recover our money, and someone to stop other people being conned out of there savings we are just ordinary hardworking honest people.


@ Cloggies. To answer your question, I would be furious.

My initial point was that some of these postings do not appear genuine. Some will be.

Do you still have the suitability report for the investment recommendations? If you requested safe funds, then this should all be documented and covered in the suitability report. With that you can challenge the advice you were given.


to Jolly Green how would you feel if you have invested £200,000.00 and so far have lost of 55per cent and thats not including their charges

we asked for our money a safe fund.

I hope Spencer Lodge can sleep at night.


There are always two sides to consider, I just think that some of the postings on this site are somewhat less than objective. Possibly competitors muddying the waters, possibly disgruntled ex- employees.

One point. What is the possible justification of having an investment bond in a QROPS? The commission is usually something in the order of 7%, in addition to the commission paid for the investments inside the bond which may be another 3 to 6%. The yield drag will be horrendous. Apart from one or two extraordinary situations, there are no tax advantages of holding a bond in a QROPS and this just adds another layer of charges on the pension fund. To me it makes as much sense as wearing two pairs of underpants!

@ Baldhead. What makes you think Malta will be delisted? I have not read anything that suggests this. The fact is that now HMRC have closed off pension busting in New Zealand and that New Zealand QROPS seem to have somewhat limited investment options, especially compared to a SIPP, a huge percentage of QROPS are now heading to Malta.

As for the future, and the Finance Act 2013 that may hold further QROPS regulation, anyone got a crystal ball?