Devere Group's reply to:
Devere Group - Failure of a QROPS fund with DeVere
Update by user Aug 14, 2014
Time to pass it on to the Police and the South China Morning Post. Warning avoid deVere Group and PIC like the plague if you EVER want to see your money ever again. Bunch of unprofessional wide boys who are quite happy to ruin peoples futures without any remorse.
Update by user Aug 03, 2014
Come on deVere. Who are you regulated by in the UAE? After 4 months, you still can't tell me.
Update by user Aug 01, 2014
Update by user Jul 21, 2014
As deVere have not responded in the prescribed timescale therefore there is no more negotiation unless they provide me with full reimbursement of my entire investment + interest and goodwill payment. Paperwork now being prepared for the Police to deal with, and press reports are also being compiled.
They have shown no remorse, deny any wrong doing and refuse to tell me who they are regulated by in the UAE.
Update by user Jun 24, 2014
deVere offered me a full and final settlement of 65,000 GBP against an investment of 135,000 + interest.That's less than 50% of my initial investment.
By the way, the offer was rejected.Thanks Rishi, hope you can live with yourself, knowing that you've screwed me over with my pension.
Original review posted by user Apr 12, 2014
I transferred my UK Pensions across to DeVere in early 2012 into a "safe and well managed fund".1st year seem to go well, although the annual statement was late in coming through (Aug 2013).
However, this year in 2014 things turned completely. Two of the UAM funds had lost around 18% of their value, this equated to around 24,000 pounds GBR or $40,000. There were no explanatory notes, apologies, nada. When I called the sales guy from PIC (also part of DeVere), I was told briefly what happened.
I then requested hard copies of what happened. This only came through after a lot of pushing and the documents were dated before the date of my first statement!!!, so they knew for an awfully long time that things where wrong. Surfing the net gave me no pleasure as this same route had been gone down many times by DeVere before, with the same people involved time and time again. The more I look into this, the more it is clear that DeVere have been negligent, and are accused of self investment and insider dealing.
I'm now considering reporting the issue to the Financial Investigations Unit of the Abu Dhabi Police or going straight for legal action. DeVere's response to my queries has been awful.
In effect, we have your money, and it's now ours.Avoid them.
Monetary Loss: $40000.