deVere Group - Wolves in sheeps clothing
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.
New ReviewerAfter being completely misled into transferring my pension to a QROPS with DeVere, i find myself trapped into a pension for another 8 years where i am paying fee's of 4% per year. This is fundamentally and morally wrong and my pension will stagnate at best.
DeVere use STM Malta as the pension "trust", but there is a conflict of interest as the owner of DeVere is also the owner of STM.
This was never disclosed along with the eyewatering fee's that i am paying when i signed up for the QROPS.
Do not use a financial advisor that doesn't have its base in the UK etc. They are based in the ME for a reason and that reason is not for the benefit of the investor.
Also, i cannot believe the number of 5* reviews on trust pilot for DeVere's. They are clearly fake as they all follow pretty much the same format....this is laughable. Just look how many 5* reviews there are on May 25th 2021...all praising the same person.
This is another example of deveres manipulation, truly pathetic.
For anyone who wants to see proof of DeVeres CEO Nigel Green discuss ownership of STM, please search Nigel Green interview with Martin Stanford on YouTube where a conflict of interests are discussed.
Deveres, in respect to complaints I did make a complaint directly to James Green when it became apparent what a scam my pension policy was. I had emailed him prior to signing the agreement asking for a clear understanding of the policy fees, his response failed to mention most of the fees involved. The emails quite clearly show deliberate deception and I can forward them to you if you wish.
If the fees were fully disclosed nobody would agree to these policies. The majority of my pension is in a fixed bond of 7% and with 4% fees and 3% inflation the policy can only stagnate.
Why would your financial advisor recommend this to a client? Its certainly not for the clients benefit is it?
Seriously deveres, why are you selling pension products with such high fee's and long lock-in clauses? in total my lock in clause will last 14 years, unless i want to pay my way out. STM/Providence life want 10% of my policy value to leave and this is after being with them over 5 years.
Please feel free to enlighten me why, if deveres are such a legitimate financial advisor why would you lead your clients into such a huge trap?
Oh....i just found out that Deveres are paid 7% commission on QROPs transfers, that would be why. That would be 7% of the fund that unsuspecting clients convert to QROPs.
I think anybody reading this can see you are nothing but cowboys, based in the UAE to avoid laws that expose companies like yourselves.
User's recommendation: Avoid like the plague.
Preferred solution: Let the company propose a solution.
deVere Group Cons: High costs, Product sold was a scam, Losing pension money to an inappropriate product.
Comments
Sounds familiar, our family capital went down the drain thanks to advice from a guy called Stephen Cotterill of DeVere. I can only advise anybody to stay away as far as possible from DeVere.
Please join our Facebook Page 'Financial Ruin by deVere Advisers in all Corners of the World'. Pissed Consumer cannot accept an FB address, but you can find us easily using the title
Your situation is very similar to ours. QROPs, STM Malta and Quilter.
Hidden commissions, untrue claims that we were entitled to a tax-free lump sum, untrue claims that the NHS were offering incentives to leave. Lots of questions that deVere refuse to answer, threats of legal action.
We have started a Facebook Page - Financial Ruin by deVere advisers in all corners of the world. Please join us and publish your evidence as we have done
Very sorry to hear of your misfortune. It has recently come to light there are even more hidden fees and charges to be deducted and BACK DATED 7-8 years!
This is a 1% pa "Marketing Fee" with a Pension fund called "Horizon", which was issue by Devere through an associated company or subsidiary of theirs - Providence in Mauritius, who use STM Findec in Malta and Gibraltar as the "Trustee".
Although many many clients have no recollection of this, nor can this hidden fee or clause be found on the original paper work. Another scam which many pension funds this week will be reduced by as much as 10%.
I too have had similar issue, GBP 30000 deducted from my Pension, without providing me with documentation to indicate that I had agreed, at time of taking out the pension that there was an 8% marketing fee. I plan to go to the regulator.
Would you care to discuss this with me and perhaps we could both help each other. I have information from a reliable source and there are 8 others in a very similar position. Here is my email browntiger1956@***.com Thank you kindly and good luck.
hello Elicia Cwv....it would appear that we are in the same boat, Providence Life not submitting the correct annual figures and now trying to charge the 1% marketing fees for the last 8 years. I have an email from them stating their error and have spoken to a third party advisor employed to deal with this sorry story...in essence they are hiding behind the regulator but have yet to answer questions I have posed concerning the fact that had the figures been correct annually then my strategy regarding my funds would have been entirely different, I understand that there is 1000s of people in the same position.
You are not alone, 'me too'! Please join us https://www.facebook.com/groups/101125****362288
could you reconfirm your facebook group address please.I would like to join your group having suffered from the 8% marketing fee deduction on my pension as suffered by others above.
It's Facebook and called 'Financial Ruin by deVere Advisers in all corners of the World'. This site doesn't seem to accept the full address
the message here tallies almost exactly with my experience, with the exception in my case there are several falsified signatures De vere will not accept the written email from the adviser that he wrote my signature several times. In regards to STM WOW ! what a set of bandits , they even levied charges prior to accepting the application which at the time of acceptance was 8.5 months out of date