I am an EU citizen and I am most comfortable investing in Euro denominated and EU based stocks.

I have used Internaxx for several years and so I'm wondering what your reservation about them is?

Well their fees are very expensive when compared to the US brokers (even in comparison with their US branch, TD Ameritrade) and from a personal perspective I found their customer service to be really bad. When I moved from UAE to Mexico they demanded a lot of attested documentation couriered to them to 'prove' where I was resident, which I provided at great expense - and then when they had everything they wanted they turned around and said they dont operate accounts for Mexican residents and promptly closed my account.

Interactive Brokers on the other hand have been great.

I use both Interactive Brokers and Internaxx.

IB is a little cheaper than Internaxx for trading costs.

I had no problems opening these accounts from within the UAE.

With both I am able to buy Irish Domiciled ETF’s (Allowing a reduced dividend withholding tax of 15% instead of the 30% when buying US domiciled funds) on the London Stock exchange from providers like Vanguard and iShares in multiple currencies.

I have built a low cost portfolio of index funds with an annual expense ratio of 0.22% plus my buying costs which I help to reduce by investing quarterly.

There is a ton of information out there if you want to research it or you could just read one of Andrew Hallam’s books to help get you started.

Thank You & all for your inputs, greatly appreciated.

Rogue financial adviser convicted by Dubai court in landmark case!
A step in the right direction.

https://www.thenational.ae/uae/rogue...-case-1.700026

Zurich Insurgence Company
 

Be ware of this company.....
I have been victim of this company 12 years back. They approached me to sign up for their Vista Policy whixch I did and invested more than $ 70,000 in this policy. then I relocated to US where they did suspend the policy and did not allow me to take my money back or continue to contribute. they requested more than $ 15000 penalty to allow me to take my money and when I kept the policy, they charge more than $ 2000 annually as their fees while the policy freezed and they are doing no work for it. they provided.

Have tried to talk to them a lot but in vein and they keep on referring to fine prints in their terms and conditions that they never highlight it to the customers. and when I told them I will complain they said they are not regulated by European or US rules.

Hi Sameralzaim

Sorry to hear about your difficulties with Zurich International Life (ZIL).

You say that the policy was sold to you 12 years ago - that would make it 2005, yes?

I ask because in 2005 ZIL did deal with retail investors directly, as well as through brokers. After 2006 they only dealt with brokers, and the management of their sales department bought out that part of the business and set up Nexus Group, which is a broker:
https://www.nexusadvice.com/about/

If you dealt with ZIL directly (and there was no broker involved) then this is better because you have only one company to deal with, i.e ZIL.

ZIL is established in the Isle of Man and is regulated there by the Isle of Man Financial Services Authority (IOMFSA). You may be able to complain to the IOMFSA - they have a guide on their website:
https://www.iomfsa.im/media/1586/con...complaints.pdf

I don't know if you have always been a US citizen/resident, or if you acquired this status since purchasing the savings plan, but this could be an important factor in framing that complaint.

Should ZIL have known all along that you were a US citizen/resident? Look back over the documents that you have (including emails). Did you ever mention a US address, or provide US documents (e.g. passport, bills etc) for identification purposes?

Thanks, Unfortunately, I bought my policy from Nexus... that was 2007.

I did few days back contacted Isle of Man Financial Services Authority (IOMFSA) and posted a complaint but just replied to me today stating that this is out of their jurisdiction as the policy was sold in UAE and not Isle of Man and it is before 2010 and their financial jurisdiction goes back to 2010. they have referred me to Dubai Financial Services Authority to complaint to.

It seems that Zurich using regulation gap to make sure that their sales practice are not actually subject to legal rules... I will try to write to DFSA and see.

Hi
There is no point in going to the DFSA, they do not regulate Nexus in Dubai. According to Nexus' website "Nexus Insurance Brokers LLC- regulated by the UAE Insurance Authority under registration number 207 and Commercial license number 583403."
https://www.nexusadvice.com/legal/

So it is the Insurance Authority that you need to contact, and they do have a complaints section on their website:
https://smartservices.ia.gov.ae/ecom...plaint?lang=en

The problem is that the Insurance Authority was only established in the past few years and, given that you bought the policy before that, they may decline to deal with it. Worth a try though.

As for the IOMFSA, I do think that they are being disingenuous in saying that their financial jurisdiction only goes back to 2010. The IOMFSA was created in by merging the previous regulators, being the Insurance and Pensions Authority (‘the IPA’) and the Financial Supervision Commission (‘the FSC’).

ZIL was regulated by the IPA before IOMFSA was created. Article 5(1) of the relevant Act provides that:
"The functions of the existingStatutory Boards and the Supervisor are transferred to the new Statutory Board."
http://www.tynwald.org.im/links/tls/...15-SD-0090.pdf

So the IOMFSA took over from and seamlessly continued the functions of the IPA (which in turn had been established in 1986).

I don't think the IOMFSA can wash their hands like this - can you please post the precise wording that they used?

This what they have wrote to me:

"based on the information you have provided to us; your complaint appear to be outside the jurisdiction of the Channel of Isle Ombudsman ("CIFO"), which would mean we are unable to review it.

CIFO is established by the Financial Services Ombudsman (Bailiwick of Guernsey) Law 2014 and the financial Service Ombudsman (Jersey) Law 2014 ("The laws") to resolve complaints about financial services. The reasons for rejecting a complaint are set out in the laws and CIFO policy on factors to be considered on rejecting complaints. this policy has been published in our website.

based on our review of the information you provided, we have concluded we are unable to review your complaint for the following reasons:

CIFO con only consider complaint about financial services provided in or from within the Channel Islands. your complaint appear to relate to the actions of Zurich International which is operating from UAE, in which we are unable to review the complaint. you may wish to contact appropriate financial sector ombudsman office or regulator in UAE. the contact information we have for Dubai Financial Services Authority is +971 4 3621500.

in addition, the legislation that established CIFO's jurisdiction in Jersey does not permit us to review complaints arising from actions which occurred before 1 January 2010. your complaint appear to relate to an act which occurred on 2007, which would mean that we are unable to review it. "

I think you have been writing to the wrong jurisdiction.

This correspondence seems to be with the authorities in the Channel Islands, but Zurich International Life Ltd is an Isle of Man company:
https://www.zurichinternational.com/...legal-entities

You need to complain to the Isle of Man Financial Services Authority.

AES International are the same as everyone else

Hi all,

Doe anyone have any experience with W1 Investment group in Doha?

Thanks in advance,

I had a look at their website.

I always think it's odd when the "About us" section of a website gives no information about the owners or management.

It also looks as if they are not regulated in Qatar, which means that you have no come-back if things go wrong (i.e. no Ombudsman to complain to, and probably no professional indemnity insurance).

The investment products that they sell are the same toxic crap that deVere and others sell. You know that when you see the words "appropriate tax wrapper" which always means a high-commission insurance policy.

I would say avoid and either read the excellent book recommended by Frequentflyer1234 above or go to a regulated fee-charging independent adviser in whatever country you come from.

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.

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.

anson harris

May I ask how you managed to get your cash back? Complaining to whom and pulling which arguments?

Thanks!

GUARDIAN WEALTH MANAGEMENT