Reply by Devere Group

With 70,000 active clients around the World, deVere Group prides itself on offering some of the most trusted financial advice available. All consultants receive comprehensive training which not only gives them the industry standard qualifications required to deliver financial advice, but also enables them to accurately determine the goals and aspirations of our clients. deVere strictly adhere to international law, ensuring that all consultants have the correct paper work for the jurisdiction they choose to live and work in. We are committed to providing a transparent service to all our clients, offering a strong support structure. If for any reason you are concerned about an investment or you wish to discuss anything further then please contact your adviser or our main office. All deVere contact details are available on our website
Zurich, Zurich

Good news - Just so that the information is out there that a FULL REFUND of the Generali Vision plan as sold by DeVere IS POSSIBLE.

In a nutshell: after a LOT of letters, threats, references to FINMA, etc, we manged to get a 100% refund from Generali. We never dealt directly with DeVere as that would have been useless.

I believe the strongest "winning argument" was:

- deVere are NOT authorised as financial "advisors" in Switzerland

- Generali Vision plan is NOT an investment scheme approved for distribution in or from Switzerland

Devere promotes the Vision plan as tax efficient and illegally advises its clients not to declare offshore assets to Swiss authorities.

To support these statements, one could send them these documents of the Swiss Financial Market Supervisory Authority FINMA:

·List of Authorized fund managements, agents and distributors of investment funds -

Contrary to their claim during the introduction meeting and on several other occasions, DeVere is not on this list; and

·List of Foreign collective investment schemes approved for distribution in or from Switzerland (of Swiss Financial Market Supervisory Authority FINMA) -

The Generali Vision plan is not on this list, contrary to the statement of DeVere "advisors".

To the first reaction of Generali that

"YOU have signed the policy documents - you must have known"

a good reply would be:

"We have never contested to signing the policy documents "presented" to us. But we signed the documents in good faith, relying on the "advise" provided by deVere's agent (backed by the involvement of Generali), stating several times that we are being signed up for a tax efficient (not true as Swiss residents must declare worldwide assets) and flexible plan (not true as the Vision plan is not flexible) legitimate (not true as Vision is not approved in CH) plan sold by an authorized agent (not true as Devere is not authorized in CH)."

So that's it, we are finally out of this nightmare called Devere and Vision.

Our losses: a few hundred euros due to exchange rate fluctuations and transaction fees + lots of nerves and quite some time.

Our gains: We learned our lesson. (I still don't understand how could we sign up for this mess. I mean when I buy a car for example, I search the net for at least a weekend for opinions, reviews, etc. and then I sign up for a 25 year plan w/o any real research just trusting the name "generali" and the well-suited sales guy).

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Munich, Bavaria, Germany #594701

I have already read this info on the Swiss forum - thank you for that as I have a number of clients in Germany, too, who face similar problems after having been tricked into the GENERALI VISION plan under violation of the most simple and basic principles of consumer protection laws in finance in Germany.

Could you send me whatever you received from the Swiss authorities about their legal non-status so that I can add it to my collection of evidence? I can of course contact the Swiss authorities myself (as I did with the Belgium one and the FSA) but it would make this easier. If you like we can hook up at the Swiss Expats website rather than here.

Zurich, Zurich, Switzerland #589372

Get a life people. There is not much point in carrying on talking about IFAs.

The real point is, what kind of people want an unqualified and an unregulated service which will be dealing with your MONEY, very likely will provide you with an advise that even a monkey could reach too? Only *** people! The same goes for those who work for this kind of company. Nobody needs a IFA.

If you want to invest your money? Do your homework and find a top bank or financial institution and they will help you.

Bear this in mind - these organization will have QUALIFIED advisers. So if you put your money through a IFA and get a bad service and poor return - don´t complaint because you are the only one to blame!!

to Noneeded #597534

@Noneneeded: I agrrw with whatever negative adjective **** people means. I would say ***: Yes I admit I was ***, but not because I trusted my money in the hands of unregulated and unqualified people but because I let myself believe w/o a proper check that they in fact these people are regulated and qualified. That is why it is IMPORTANT TO SPREAD THE WORD!!!


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