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Global Eye / PIC / DeVere / Acuma et al - Zurich Vista UAE

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Global Eye / PIC / DeVere / Acuma et al - Zurich Vista UAE

Old 1st Jun 2018, 04:25
  #141 (permalink)  
 
Join Date: Mar 2011
Location: Qatar
Posts: 7
Thank you both Frequentflyer1234 & johnjonesnine,

I've been here a few years now and have successfully managed to avoid DeVere, I just thought i'd put the feelers out there and see if anyone has had any experience with these guys. Currently I manage my own portfolio but am open to the idea of having some managed funds. I'll definitely check out that book, thanks once again guys.

A
APAW is offline  
Old 6th Jun 2018, 07:43
  #142 (permalink)  
 
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.
johnjonesnine is offline  
Old 18th Jun 2018, 11:23
  #143 (permalink)  
 
Join Date: Oct 2011
Location: out of this world...
Posts: 216
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... 😡
transport jock is offline  
Old 31st Aug 2018, 10:59
  #144 (permalink)  
 
Join Date: Aug 2018
Location: Abu Dhabi
Posts: 1
Originally Posted by anson harris View Post
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.
May I ask how you managed to get your cash back? Complaining to whom and pulling which arguments?

Thanks!
jknechtel is offline  
Old 11th Feb 2019, 18:59
  #145 (permalink)  
 
Join Date: May 2006
Location: UK
Posts: 34
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-

mavisbacon is offline  
Old 21st Feb 2019, 14:39
  #146 (permalink)  
 
Join Date: Dec 2004
Location: Asia
Posts: 186
‘Hi, this is Jack, from Deveres here in West Bay, am I speaking to NN?’

This guy is working the phone in Doha at the moment.
Che Xindamail is offline  
Old 21st Feb 2019, 17:20
  #147 (permalink)  
 
Join Date: Apr 2009
Location: abroad
Posts: 58
They’re now pushing UK property investments. I had one call the other day, I asked her if she was reading from a script. She turned sour very quickly!
FREQUENTFLYER1234 is offline  
Old 11th Jul 2019, 14:22
  #148 (permalink)  
 
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.
johnjonesnine is offline  
Old 13th Jul 2019, 11:16
  #149 (permalink)  
ZFT
N4790P
 
Join Date: Jun 2002
Location: Asia
Age: 69
Posts: 1,948
Has anyone any experience or comments about BLUESTAR-AGM apparently operating out of Hong Kong?

Thanks in advance
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Old 15th Jul 2019, 10:20
  #150 (permalink)  
 
Join Date: Mar 2016
Location: Kuwait
Posts: 67
Originally Posted by ZFT View Post
Has anyone any experience or comments about BLUESTAR-AGM apparently operating out of Hong Kong?

Thanks in advance
Have you more information? What sort of company is this? Do you have a link?
johnjonesnine is offline  
Old 16th Jul 2019, 12:04
  #151 (permalink)  
ZFT
N4790P
 
Join Date: Jun 2002
Location: Asia
Age: 69
Posts: 1,948
Originally Posted by johnjonesnine View Post
Have you more information? What sort of company is this? Do you have a link?
They state they are an Offshore Investments specialist!

Here's their link https://bluestar-amg.com/

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Old 16th Jul 2019, 14:07
  #152 (permalink)  
 
Join Date: Mar 2016
Location: Kuwait
Posts: 67
Originally Posted by ZFT View Post
They state they are an Offshore Investments specialist!

Here's their link https://bluestar-amg.com/
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/uploads/2014/11/BLUESTARBROCHUREscreen.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:
  1. A British national;
  2. Working for a Hong Kong company;
  3. Operating in China;
  4. Dealing with an Australian citizen;
  5. Selling an insurance policy issued in the Isle of Man which is;
  6. Invested in underlying funds in London, Luxembourg; Caymans etc.
That is six jurisdictions, six separate legal frameworks, between you and your money. That is way too complicated for me – I would run a mile from these guys. If your “financial adviser” wants to come on here and discuss any of this I will be happy to oblige!

(PS Sorry for the varying typeface)
johnjonesnine is offline  
Old 17th Jul 2019, 04:58
  #153 (permalink)  
ZFT
N4790P
 
Join Date: Jun 2002
Location: Asia
Age: 69
Posts: 1,948
Originally Posted by johnjonesnine View Post
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/uploads/2014/11/BLUESTARBROCHUREscreen.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:
  1. A British national;
  2. Working for a Hong Kong company;
  3. Operating in China;
  4. Dealing with an Australian citizen;
  5. Selling an insurance policy issued in the Isle of Man which is;
  6. Invested in underlying funds in London, Luxembourg; Caymans etc.
That is six jurisdictions, six separate legal frameworks, between you and your money. That is way too complicated for me – I would run a mile from these guys. If your “financial adviser” wants to come on here and discuss any of this I will be happy to oblige!

(PS Sorry for the varying typeface)
Thank you. Bears out my view on them too. At least others are now aware.



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