Reply by Devere Group

We will continue to try to communicate with this client. deVere prides itself on its service and will do its utmost to service all its clients to the highest of standards.
Author's
Abu Dhabi, Abu Dhabi
1.8K views
25 comments

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

Really?!!

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.

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Comments

mcapindale
#843588

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.

mcapindale
#829692

Devere, Nigel Green, PIC and my advisor who I will soon name are all to blame for me potentially losing 140,000 GBP of my pension. If deVere think they have problems on the web now, then if I lose my pension it will be a nightmare for them as a group and individuals. I will name names and connections

Anonymous
to mcapindale Abu Dhabi, Abu Dhabi, United Arab Emirates #834956

I am a De Vere "customer" in Abu Dhabi with a Friends Provident saving scheme, is this the product that you guys had issues with or was it a QROPS.De Vere / PIC are pushing an STM Group pension based in Malta, the info I have got suggests this is a very small pension company and after reading your reviews I have a very uneasy feeling.

After reading this I will definitely not move my pension with PIC.

I have been passed from pillar to post, I am on my 4th advisor in 30 months.Did you have similar experiences.

mcapindale
to Twedd #835171

I also have a FP savings scheme, again in Malta.Following the collapse of the SGF fund and what I later found out, I requested a surrender value on my FP savings.

The surrender value was worth about quarter of the fund value, this is after 2 years. Suffice to say, it is still in place, but I am far from happy.

Another savings account I took out was with the bank (ADCB) and it is performing well, and the surrender value is $1500 down on the fund value.

If you or anyone else is going to invest, I would check out and approach only companies that are regulated with the DFSA or the SCA.gov.ae in the UAE.Failure to do so may result in many many sleepless nights.

Anonymous
to mcapindale London, England, United Kingdom #836790

Hello twedd and mcapindale .

Here is why you were peddled STM ...ITS AN N .GREEN FUND !!!

just like the UAM / SGF scam .

Good job you avoided it , even N Green is pulling out , again just like UAM .

How do deVere get away with this type of self selling ??

http://www.international-adviser.com/news/europe/devere-green-sells-majority-stake

Anonymous
to Twedd #839048

Unfortunately, I used to work for DeVere (for a very short period of time), but I was there long enough to learn about the company and how it operates.

STM is actually part of DeVere. It was majority owned by Nigel Green (CEO of DeVere).

I understand that he's recently sold his majority stake in STM, but I believe that it was to another DeVere head.

Anonymous
Dubai, Dubai, United Arab Emirates #829579

I had a very similar issue with them. I've lost £20.000 of my money with them in a year. It's disgraceful.

mcapindale
to Anonymous #829686

Do you want to join up and start class action?

Anonymous
Newport, Wales, United Kingdom #826152

"Ailing" that's one way to describe these cos , another is "disastrous" , possibly" fraudulent" could also fit .

Funds were transferred from the SGF by dealers in Mauritius with shares and stakes in those companies .The original investment vehicle UAM was Nigel Greens co , he jumped ship , like that Italian Captain , in Aug 2012 when the story first broke in SA precipitated by the Murder and Suicide of former Avalloy partners.

These Mauritius traders are also on the UAM board and and one on theGlobal Mutual Board !

Only 20% of the SGF remains , don't bother asking Fund Corp about the rest , their director is on the GM board also , so linked to the Mauritius crooks living it up there at our expense ...

mcapindale
to Anonymous #829688

Thanks for that. Do you have any names as I am taking this to the police so we can get the whole lot locked up

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