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).