Global Eye / PIC / DeVere / Acuma et al - Zurich Vista UAE
Join Date: Mar 2016
Location: Kuwait
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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.
Join Date: Mar 2016
Location: Kuwait
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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)
Join Date: Sep 2021
Location: France
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World-wide ex-pat pension scamming
Hi PP Rumour Networks
Just to let you know that it's not just aviation workers getting scammed by the likes of deVere, but hundreds of people world-wide. DeVere keep getting fined and kicked out of one country, but then pop up in another. deVere are extremely litigious (and the reason they get away with it). I've had 2 'cease and desist' letters, but have taken legal advice and have been told that we have every right to review deVere in terms of the products they sell and their work ethic. We have a new Facebook Page - Financial Ruin by deVere Advisers in all Corners of the World, and a small group of us are posting our actual evidence of dealing with this company
When my husband and I were mis-sold by deVere in France, we know they had sent their salesman (Stuart Blake) to set up an office in Toulouse and specifically target Airbus employees, so we believe there could be other victims like us from there. Countries in addition to Europe that are prolific in, is the Middle East. They have been kicked out of the USA and some of Asia, the UK has stopped them from giving pension's advice, but I understand they are soon to be back, having teamed up under the Fidelius name and are going to give pension's advice to returning expats. If they don't stuff you when you are abroad, they'll get you on your return!
A truly dreadful company, causing misery to countless people all over the world, so we really need to unite and do something about it
Just to let you know that it's not just aviation workers getting scammed by the likes of deVere, but hundreds of people world-wide. DeVere keep getting fined and kicked out of one country, but then pop up in another. deVere are extremely litigious (and the reason they get away with it). I've had 2 'cease and desist' letters, but have taken legal advice and have been told that we have every right to review deVere in terms of the products they sell and their work ethic. We have a new Facebook Page - Financial Ruin by deVere Advisers in all Corners of the World, and a small group of us are posting our actual evidence of dealing with this company
When my husband and I were mis-sold by deVere in France, we know they had sent their salesman (Stuart Blake) to set up an office in Toulouse and specifically target Airbus employees, so we believe there could be other victims like us from there. Countries in addition to Europe that are prolific in, is the Middle East. They have been kicked out of the USA and some of Asia, the UK has stopped them from giving pension's advice, but I understand they are soon to be back, having teamed up under the Fidelius name and are going to give pension's advice to returning expats. If they don't stuff you when you are abroad, they'll get you on your return!
A truly dreadful company, causing misery to countless people all over the world, so we really need to unite and do something about it
