De Vere & Partners Financial Planners Calculated Miselling of products: I was purposefully misold a pensions saving product and was blatently mislelied to when I asked questions about to clarify the companies policies and fee structures. Hong Kong, Internet
I went to De Veres looking for a pension product. I new that I would only be in Hong Kong for a few years but while there was on an enhanced salary and wanted to put it to good use.
I therefore told De Veres that I needed an internationally portable product that would allow changes in premiums without penalty.
When I asked questions concerning the policies and fee structure of the plan they had suggested I was blatently lied to and misold a product that is none of these things, but could have been if it had been managed in a way that was beneficial to me and my circumstances and not theirs.
Instead De Veres set up my policy to give them a maximum commission up front leaving me with huge fees that will eat up much of the profit being made when I leave Hong Kong, it has huge early exit fees to cover De Veres up front commission fees and with very little scope of funds on the international market. I would also stryggle to find another advisor to manage the plan for me as ALL commission was paid up front to De Veres...this can never be in a clients best interest and I was NOT made aware of this!!!
Incidentally, I was promised regular update reports and meetings to discuss the progress of my plan on its completion and instead I recieved no further contact from them at all.
After becoming tired of chasing them I moved the plan to another financial advisor who kindly agreed to manage it for me.All of this information came to light very recently when I sought advise on returning to the UK.
I went to see De Veres to discuss the issues raised and recieved conflicting advise which I checked out with my plan providers. Several e mails went back and forth, with each e mail came a different and conflicting real of excuses to the point where they told me not to believe my plan provider.
Realising that there was something decidedly shifty I sent a letter to De Veres outlining all of my concerns. This was a month ago and as yet I have not recieved a reply. It looks like this will become a legal issue.
I wish I could say I was naive but the fact is I did ask pertinent questions regarding De Veres suggestions. If I had been given truthful answers to my questions I would not have purchased this product. My naivity lies in believing their replies. Please be careful.