- Report: #513069
Complaint Review: deVere and Partners - Internet
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Author Not Confirmed
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deVere and Partners
Internet, United States of America
Phone:
Web:
www.devereandpartners.com
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deVere and Partners de Vere, devere & partners, inter-alliance international, PIC, nigel green deVere and partners kicked out of Singapore for being a scam boiler room Internet
See the link below for all the details of deVere being kicked out of Singapore for being a scam! Remember: they sell good products in a very bad way.
http://www.mas.gov.sg/news_room/enforcement/2008/Inter_Alliance_International_Singapore_Pte_Ltd.html
1 Updates & Rebuttals
alex
United States of AmericaDevere and partners scam - cyprus
#2REBUTTAL Individual responds
Sat, January 30, 2010
devere is a scam, i agree. am a UK expat currently living in CYPRUS I was cold called at work by a devere and partner rep. I went along to the free consultation. I asked the guy if he if he was a registered financial advisor, in the UK or anywhere else. He was NOT, though he had been on a Devere training course. The product offered (pushed) was a Guernsey based whole term life assurance. This means regular payment plan. The selling point was you can switch funds in the 'wrapper' as often as you like. The wrapper is 'tax efficient' as it has life assurance status. On looking at the details in the brochure, it was apparent that it was front loaded, ie the first payments went to the company for their costs. On a 10 year plan, this was the first 13.2 months of payments, or 11% of your capital goes directly to them. Add on a monthly policy charge, the yearly investment mangement charges and then fund mamangement charges charges, and it looks like you are paying 6 to 7% p/a in charges, although the wording is such it is difficult to tell. in any case, it is a minimum of 5%.
the 'advisors' dont have licence either, they are ex car sales people, door to door, etc. lots of negative reports on internet. i know they have been kicked out of indonesia, and got fined 1 mil!!!!!!!!!!!!!!!!! Be aware, if you live in Cyprus!!!!!!
http://www.scribd.com/doc/22631041/DeVere-Scam-Switzerland-Be-aware
regards, john
