CB Investment, Insurance and Financial deVere Group Evidenced mis-selling, refusing to accept the complaint

deVere Group review: Evidenced mis-selling, refusing to accept the complaint 3

TonyHK of HK, HK

Apr 30, 2023 4:55 am EDT

Review updated: Jun 20, 2023

Featured review

I was clearly mis-sold a product while I lived in Hong Kong, many years down the track I looked hard to see why the product was not performing, realisation was that the charges outweigh the investment. So I complained and investigated, and complained, but I cannot find somebody to listen to me. I uncovered original documentation that clearly shows that my 'Advisor' misreprenseted my salary and showed that I had an increased salary of 200%, some 60% above what I actually earned. The amount that they hounded me to invest turns out to be more than what would be 'generally accepted' by Generali, which explains why my salary was misreprensted.

Details: As a 26 year old single ex-pat in Hong Kong, I got a cold call one day for a DeVere and Partners advisor Angelo Dilibero. I assumed that somebody had passed on a reference. Was 'advised' to invest approximately 27% of my TOTAL INCOME (not after tax or otherwise) into a long term mutual fund product (Generali Vision). There are many things I discussed with the advisor, one was clearly stating I would like to buy a house one day. At that time there is no way I could do both those things and eat! But still I was advised to invest this amount, unbeknown to me at that time and never clearly stated, it would cost me dearly.

After some years I took a lower paying job, and had a child, so naturally I had to stop investing, so I cut the payments back to 12.5% of this value. Then largely looked on as year after year the performance was unsatisfactory. I tried to get DeVere at the time to help, their answer was to offer to take the fund back for significantly less than it was worth. Naturally I said no.

After some more years, after discussing the fees with a colleague, I finally came to the realisation that I had signed up to paying fees against the original investment for 20 years. This is irrespective of how much I invested. Those fee's being charged are large by any stretch of the imagination, and hardly worth the premium, given that I cannot even launch a serious complaint. Bottom line is that as of today, some 16 years later, my TOTAL LIFE SAVINGS are worth less than I invested and I still have 4 more years to go. In those 4 years, the fee's will be 15% of the fund value today, which does not include the individual fund charges.

Bottom line, with all seriousness, my return on this investment would have been better if I had put the money under my mattress.

I tried to contact Acuma DeVere but did not get a reply.

Generali (the supplier of the Vision product) will not take responsibility.

Utmost who replaced them wont. Am trying ombudsman service in Guernsey as I'm shocked to discover that Genarli/Utmost are allowed to let me sign up to this on the word of the advisor only.

To date the response from DeVere and Partners is that the Hong Kong entity 'was/is a totally separate legal entity' and that they are unable to assist me further. I have responded to ask why a company is able to look up my information from a 'totally separate legal entity', and request a copy of ALL of the information they are holding on my and reviewing under the data protection act. I also noted that I disagree as they were the owner of this company at the date of my complaint and liability doesn't pass with a sale. I am now waiting for a response to this, but it does not appear that this company is actually attempting to take this seriously, and rather trying hard not to answer at all.

Despite the obvious question why they have this if there is no legal right, the documentation itself clearly proves that my complaint has merit as there is clear misrepresentation of facts regarding my salary. However they ignore this and are refusing to even hear it and hiding behind the fact that the 'sold' that company. They also did not answer the question of who was the beneficial owner and directors of the company at the time of the selling, and if there is a relationship with the current company.

Desired outcome: A full and proper review, and a refund of all fees plus interest.

Keywords:

advisor charges complaint documentation fees investment misrepresentation product return salary

3 comments

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Sybren Singelsma

1 comments

Sybren Singelsma of US

Jun 20, 2023 4:47 am EDT

Verified customer

This is a familiar story. In the portfolio of my fasmily ws also a General product where we could only go oit by paying all the fees for the whole period of the investment policy. The system is that General rolls uop the fees and pays out as a lumpsum to DeVere who consequently stop providing any service.

DeVere entities are all separate companies and global responsability does not exist.

There is only one way to deal with these people, never do business with them!

swindlers

Australia, AU

2 comments

swindlers of Australia, AU

Jun 20, 2023 6:55 am EDT

Verified customer

Heres an example of deVeres handiwork. Its old but is still in dispute. deVere refuses to talk about it. deVere CEO has seen it. Note the date of the meeting being the 6th December 2016. This client passed away on the 1st December 2016, following a 2 month stay in hospital, and was cremated on the 3rd December 2016. The deVere adviser was aware of his passing. The client was 82 at the time, and elderly and vulnerable client.

deVere are still profiting from this mans assets

Do not under any circumstances, trust these people with your money

View 0 more photos

Diane C Bentley

St Martial Viveyrol, FR

1 complaint

5 comments

Diane C Bentley of St Martial Viveyrol, FR

Jun 20, 2023 7:15 am EDT

Verified customer

I was tricked out of my NHS pension by deVere 8 years ago. I was told I could take a tax-free lump sum and that the NHS were offering financial incentives to leave the scheme. Both statements were untrue. Then on top of that deVere were paid 7% upfront commissions by Quilter and also another 4.5% for putting me and my husband into risky GAM funds

Quilter and the trustees all know how ex-pats are being scammed but do nothing about it because it brings them lots of money in. Our trustees were STM Malta, part owned my Nigel Green at the time and therefore conflicts of interest that we were never made aware of

There is no proper complaints systems in any of the jurisdictions and they will have you running in circles trying to seek justice

Best to never get involved with the lot of them

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sydney@devere-australia.com.au

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