Global Eye / PIC / DeVere / Acuma et al - Zurich Vista UAE
Join Date: Mar 2016
Location: Kuwait
Posts: 67
DeVere has made a whopping settlement of $8m with the Securities and Exchanges Commission in the United States:
https://nypost.com/2018/06/04/broker...g-off-clients/
This settlement was related to QROPS business - the same type of business that DeVere does in the UAE:
https://www.devere-group.com/qrops/qrops-hmrc.aspx
If you have been sold a pension transfer scheme by deVere, or any of their ilk, you should read and research this story.
https://nypost.com/2018/06/04/broker...g-off-clients/
This settlement was related to QROPS business - the same type of business that DeVere does in the UAE:
https://www.devere-group.com/qrops/qrops-hmrc.aspx
If you have been sold a pension transfer scheme by deVere, or any of their ilk, you should read and research this story.
Join Date: Oct 2011
Location: out of this world...
Posts: 244
So I finally did the deed (a year too late in hindsight) and I handed in the paperwork to cancel my vista policy..
The guy helping me made no attempt to convince me not to cancel and when I asked him how many people canceled a day, he said 4-5 people... I think that says it all. Can imagine the amount of money this company makes from the cancellation fees alone every year. It’s sickening... 😡
The guy helping me made no attempt to convince me not to cancel and when I asked him how many people canceled a day, he said 4-5 people... I think that says it all. Can imagine the amount of money this company makes from the cancellation fees alone every year. It’s sickening... 😡
Join Date: Aug 2018
Location: Abu Dhabi
Posts: 1
Originally Posted by anson harris
Utter scam - I was quite cheesed off to find that my name was given to one of these sharks when I joined Emirates, by a friend! The usual MO is that they sign someone up and then start hassling them for names of friends and colleagues that would also like to avail themselves of the same ripoff services.
Next thing you know some sharp suited DB who can't get a job in a real financial hub is round your place trying to sign you up to Zurich or whatever. I actually fell for it but luckily found a way out and got all my cash back (even plus a little bit of interest..). Luckily I realised what was happening fast - others are not so lucky.
Next thing you know some sharp suited DB who can't get a job in a real financial hub is round your place trying to sign you up to Zurich or whatever. I actually fell for it but luckily found a way out and got all my cash back (even plus a little bit of interest..). Luckily I realised what was happening fast - others are not so lucky.
Thanks!
Join Date: May 2006
Location: UK
Posts: 35
GUARDIAN WEALTH MANAGEMENT
I 'invested' 100k with Guardian Wealth Management 4 years ago whilst in Qatar, and just got 101k back. Circa 0.25% PA. As far as I'm concerned it's a good result as I've got my initial investment back. Nowhere near my objective of keeping pace with inflation. It's been painful watching our money 'flatline' for the last 4 years with no attempt by Guardian to manage our money. From what I can see of it they are nothing more than salemen. They promise to 'actively manage' funds via their iguard protection, but what they actually do is simply dump our funds into a policy and then collect their charges. To add insult to injury it cost me over 3k to surrender the policy a year early. I don't know if anyone else has experience of them, but I strongly recommend giving them a wide berth.
Have a look-
Have a look-
Join Date: Mar 2016
Location: Kuwait
Posts: 67
Guardian Wealth Management have been hammered in Qatar:
"Qatar Financial Center Regulatory Authority (QFCRA) has banned directors of an insurance brokerage company that is primarily involved in selling long-term savings plans in Qatar to carry out their duties and fined them $400,000. QFCRA has imposed a penalty of $200,000 each on David Howell and John Hasberry, who were the directors of Guardian Wealth Management Qatar (GWMQ), which is now in liquidation."
https://thepeninsulaqatar.com/articl...nduct%E2%80%99
Be aware that these guys are still operating in UAE and possibly elsewhere.
"Qatar Financial Center Regulatory Authority (QFCRA) has banned directors of an insurance brokerage company that is primarily involved in selling long-term savings plans in Qatar to carry out their duties and fined them $400,000. QFCRA has imposed a penalty of $200,000 each on David Howell and John Hasberry, who were the directors of Guardian Wealth Management Qatar (GWMQ), which is now in liquidation."
https://thepeninsulaqatar.com/articl...nduct%E2%80%99
Be aware that these guys are still operating in UAE and possibly elsewhere.
N4790P
Join Date: Jun 2002
Location: Asia
Age: 70
Posts: 2,104
Join Date: Mar 2016
Location: Kuwait
Posts: 67
Their website says that “We are a British Owned, Hong Kong registered group, with the bulk of the operations in Mainland China and with satellite offices across Asia.”
So, although the company is registered in Hong Kong they do not seem to operate there – perhaps because Hong Kong is a regulated jurisdiction. In order to give financial advice in Hong Kong you must be approved by one of the Hong Kong regulators. I can find no evidence that Bluestar AG is regulated in Hong Kong – or anywhere else for that matter.
The registered address of the firm is Room 813 Holywood Plaza, 610 Nathan Road, Kowloon. A Google search indicates that there are a lot of companies operating out of that address – my guess is that it is a company formation/management office and the Bluestar has no physical presence at that address.
Bluestar AMG Holdings Limited is registered in Hong Kong, but I cannot see who the directors are without paying a fee.The website www.bluestar-amg.com was registered by a domain registry service provider and so we have no information about the owners.
One extraordinary feature (to me at least) of the website is that there is no mention of any individuals. No statement from the Board or the Management. I find that really odd – as if nobody wants their fingerprints on it. As for the services provided – its clear from their own brochure that it is the usual unit-linked insurance policies from Skandia, Zurich, RL360, Generali, Axa and Aviva:https://bluestar-amg.com/wp-content/...HUREscreen.pdf
So, to summarise, Bluestar AMG is an unregulated seller of high commission toxic unit-linked savings plans, pretending to be a financial advisory firm.If you deal with them you will have no recourse to an ombudsman, they will have no professional indemnity insurance, no requirement to have a complaints procedure, there will be no regulatory controls on their sales practices, and their “advisers” will probably not have any relevant qualifications.
When it comes to retail investments I have an aversion to complexity – complexity makes it very difficult to understand what is going on, who is charging what, and how to unwind things. For arguments sake let’s assume you are Australian. If you deal with Bluestar advisor in China then you will have:
(PS Sorry for the varying typeface)
So, although the company is registered in Hong Kong they do not seem to operate there – perhaps because Hong Kong is a regulated jurisdiction. In order to give financial advice in Hong Kong you must be approved by one of the Hong Kong regulators. I can find no evidence that Bluestar AG is regulated in Hong Kong – or anywhere else for that matter.
The registered address of the firm is Room 813 Holywood Plaza, 610 Nathan Road, Kowloon. A Google search indicates that there are a lot of companies operating out of that address – my guess is that it is a company formation/management office and the Bluestar has no physical presence at that address.
Bluestar AMG Holdings Limited is registered in Hong Kong, but I cannot see who the directors are without paying a fee.The website www.bluestar-amg.com was registered by a domain registry service provider and so we have no information about the owners.
One extraordinary feature (to me at least) of the website is that there is no mention of any individuals. No statement from the Board or the Management. I find that really odd – as if nobody wants their fingerprints on it. As for the services provided – its clear from their own brochure that it is the usual unit-linked insurance policies from Skandia, Zurich, RL360, Generali, Axa and Aviva:https://bluestar-amg.com/wp-content/...HUREscreen.pdf
So, to summarise, Bluestar AMG is an unregulated seller of high commission toxic unit-linked savings plans, pretending to be a financial advisory firm.If you deal with them you will have no recourse to an ombudsman, they will have no professional indemnity insurance, no requirement to have a complaints procedure, there will be no regulatory controls on their sales practices, and their “advisers” will probably not have any relevant qualifications.
When it comes to retail investments I have an aversion to complexity – complexity makes it very difficult to understand what is going on, who is charging what, and how to unwind things. For arguments sake let’s assume you are Australian. If you deal with Bluestar advisor in China then you will have:
- A British national;
- Working for a Hong Kong company;
- Operating in China;
- Dealing with an Australian citizen;
- Selling an insurance policy issued in the Isle of Man which is;
- Invested in underlying funds in London, Luxembourg; Caymans etc.
(PS Sorry for the varying typeface)
