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  #181  
Old 15.03.2013, 11:00
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Re: Financial Mis-selling to expats

They've reportedly been targeting the British Expatriate Networking Group on LinkedIn.
Quote:
Financial advisers target expat social networks

In particular, financial advisers with deVere have been keen to join the group...
“Some financial advisers are using titles that they are not allowed to use and seem to link themselves with institutes to which they are not members. I have not come across this behaviour in other professions and it worries me.”
This is unusual for The Telegraph, which tends to publish the company's job ads and plug it in articles as a source of financial expertise. Its most recent plug promotes "the world's largest independent financial advisory firm" as a source of tax advice and "tax-efficient financial planning": Be prepared for April's new tax residency status test
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  #182  
Old 18.03.2013, 19:42
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Re: Financial Mis-selling to expats

BBC Radio 4's Moneybox has been covering pension liberation scams.

Pensions 'liberation' scam tops £400m

Quote:
Transcript of 23 February programme interviewing pensions minister

Listening to that in Bristol is the Pensions Minister Steve Webb. Steve Webb, this crime is costing people £4 million a week. What’s the Government going to do about it?

WEBB: There is an increasing amount of activity going on because the scale is growing of this activity, and it’s on a number of fronts. ...

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  #183  
Old 15.07.2013, 10:14
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Re: Financial Mis-selling to expats

So glad I found this forum and 17Clarence.
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  #184  
Old 15.07.2013, 11:40
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Re: Financial Mis-selling to expats

I get cold-called at least once per month by these guys. I very much suspect that they get their information from Linked-In as whilst the organization I work for is listed, my contact details aren't public. They therefore call the switchboard and we now have a couple of receptionists who have been sensitized to the problem and they are really good at picking off these guys when they call.
Most of the time they refuse to state their business, so the receptionist won't put them through. My banker and other financial advisors have my direct number, so I'm not concerned about not being available to people who might have a real need to speak to me.
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  #185  
Old 15.07.2013, 16:20
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Re: Financial Mis-selling to expats

Another one to add is Dubai based Global Eye. Have an office in Switzerland. Same sort of stuff. Bad reputation. Google is your friend.
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  #186  
Old 15.07.2013, 19:08
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Re: Financial Mis-selling to expats

I haven't read all the pages of this thread. But it is worthwhile for readers to consider the Bartlow Clowes case, an early example of expat financial scams. Only there was a parallel domestic one: http://www.guardian.co.uk/business/2...d-compensation

The Department of Trade had licensed Barlow-Clowes UK. As I recall, what the firm offered was a sort of unit trust (mutual fund) investment in gilts (Government bonds), but with a slightly higher return than investing in gilts themselves. An obvious impossibility, but punters believed it and bought in.

Meanwhile there was a Gibraltar parallel firm that sold the deal to expats.

In the end, the Thatcher Government had to indemnify more or less the domestic purchasers (as to whom a license had been granted) but not the offshore buyers.

Apparently, according to The Guardian article cited above, the Government eventually recovered most of the money.

The Lloyd's of London scam was similar: it got a Private Act of Parliament (the Lloyd's Act) that in effect made the perps immune to prosecution and Lloyd's itself also immune to civil suit. The US courts went along, based on the theoretical (but in fact nonexistent) remedy under English law. http://snurl.com/lloydata

The moral: if you don't understand an investment, whether or not it's "too good to be true" and whether or not it purports to be "Government approved", stay away.

And remember this: the Best Prospects list for every scanner includes people previously scammed by others.

I am a retired bankruptcy and tax lawyer. I have seen the results close up.
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  #187  
Old 20.08.2013, 19:39
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Re: Financial Mis-selling to expats

This is my first post on here.

I was reading about the issue of Linkedin and thought I would share some of the ways that offshore salespeople get leads.

Firstly, I have heard that one large firm is creating false profiles, using sports stars from the past, to connect with others. This is so that they can view your contacts. Once they have those they will find out who knows who to put together a convincing story prior to making contact with your contacts.

Some are now looking at profiles to look at previous employment histories in the UK. They are looking for QROPS pension transfers. Again, a convincing reason to contact you will be created, like " Have you heard about that big deficit at XXX ltd- you best get your money out while you can" etc...

Look out for the misuse of UK Chartered Insurance Institute titles.

These titles are only allowable if the adviser is actually a member of the Institute, there is a link below that you can use to see if the title is allowable.

CeMAP is a UK mortgage exam (only level 3). It is as much use as chocolate fireguard to expats. FPC is an out of date, very basic exam. FPC is not, and never has been, an allowable title.

The entry level exam is FAIQ/CII(Award)- level 1. To give you an indication of the level, this is a short multi-choice paper that awards the candidate with 15 Credits. To put this into perspective, the minimum benchmark qualification in the UK is Diploma (Level 4)- 140 Credits.

So FAIQ/CII(Award) is 10.7% of the minimum level accepted in the UK. Not forgetting that professional level is at level 6- 290 Credits. (All can be checked on the CII website)

Don't even talk to a salesmen about QROPS unless that person has proveable UK pension experience and a pension transfer qualification. Then, suggest that the advice is based on transparent fees and get an indpendent transfer analysis. Not a free analysis offered by a firm that works the pension firms that have an interest in recommending a transfer.

I think that is all for now- Oh, one more thing, Starshollow has posted on here. He is an excellent point of reference for legal issues in the area of EU regulation.

This is the CII member checker... Try it out on the usual suspects, it is fun when you find someone with a list of CII titles on Linkedin but not on here!

http://www.cii.co.uk/web/app/membersearch/MemberSearch.aspx
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  #188  
Old 20.08.2013, 19:48
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Re: Financial Mis-selling to expats

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Another one to add is Dubai based Global Eye. Have an office in Switzerland. Same sort of stuff. Bad reputation. Google is your friend.
Damn Google. I could only find their Tokyo office Jap's Eye.

Far as I can see, it's just a bunch of cock's.
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  #189  
Old 28.08.2013, 11:11
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Re: Financial Mis-selling to expats

For those interested, it appears that the thread "Beware Financial Advisors on the prowl!" thread has been pulled by the Admins. Discussion of this in a separate thread here:

Thread deleted: "Beware Financial Advisors on the Prowl!"
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  #190  
Old 06.02.2015, 16:12
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Re: Financial Mis-selling to expats

Has anyone had any success in canceling a managed fund from the beers and gem o reily? Please pm or let me know how and what to do.
Appreciate it guys n girls advice really needed
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  #191  
Old 06.02.2015, 18:06
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Re: Financial Mis-selling to expats

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Has anyone had any success in canceling a managed fund from the beers and gem o reily? Please pm or let me know how and what to do.
Appreciate it guys n girls advice really needed
Cancelling is easy, I assume you mean that you also want some decent chunk of your money back.
Depends on how long you had the fund, which country you bought it in and which country you live in now.

First thing to check is whether whoever sold you the fund was licensed to sell it in the country where you purchased it.
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  #192  
Old 27.02.2015, 23:53
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Re: Financial Mis-selling to expats

Adviser wins £190k for clients mis-sold high-risk investments
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  #193  
Old 22.06.2015, 00:59
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Re: Financial Mis-selling to expats

Interesting article in the Telegraph regarding offshore financial adviser, who operate in Basel and elsewhere, you may have heard of them, based in Zurich i understand.

http://www.telegraph.co.uk/finance/p...15pc-fees.html

http://deveregroupinfo.com/
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  #194  
Old 22.06.2015, 08:24
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Re: Financial Mis-selling to expats

Devere charge 15% fees? Is that a minimum?

They seem to not call me any more for now.....I'm not feeling the love. Shame, my barge pole is at my side
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  #195  
Old 23.06.2015, 00:48
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Re: Financial Mis-selling to expats

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Interesting article in the Telegraph regarding offshore financial adviser, who operate in Basel and elsewhere, you may have heard of them, based in Zurich i understand.
Since I've always told them to go take a running jump, I never got the chance to see their fees and charges - 15% is outrageous if true - which I suspect it is.
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  #196  
Old 23.06.2015, 10:31
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Re: Financial Mis-selling to expats

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Since I've always told them to go take a running jump, I never got the chance to see their fees and charges - 15% is outrageous if true - which I suspect it is.
Love this reply in EF here

Quote "Dear Marton,

We are a Swiss Organization. There are many regulatory bodies in Switzerland. We are regulated and all of our consultants are licensed and educated and qualified to dispense financial advice internationally."
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  #197  
Old 03.07.2015, 12:42
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Re: Financial Mis-selling to expats

So Finma has teeth!
FINMA proceedings concluded: Groupe Mutuel in serious breach of supervisory law - details here.
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  #198  
Old 03.07.2015, 12:50
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Re: Financial Mis-selling to expats

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Interesting article in the Telegraph regarding offshore financial adviser, who operate in Basel and elsewhere, you may have heard of them, based in Zurich i understand.

http://www.telegraph.co.uk/finance/p...15pc-fees.html

http://deveregroupinfo.com/
Uh, oh... the telegraph article seems not available anymore... neither through the link or the websites search function which still finds the headline but nothing more.
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  #199  
Old 09.08.2015, 13:27
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Re: Financial Mis-selling to expats

Another financial mid-selling scandal. When will expats realize that buying from or introduction from cold callers is a sure bet to losing money.

http://uk.finance.yahoo.com/news/exp...101148633.html
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  #200  
Old 09.08.2015, 14:50
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Re: Financial Mis-selling to expats

New article in the Telegraph today:
http://www.telegraph.co.uk/finance/p...-billions.html
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