Munro A

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
| map-marker Pulau Labuan, Wilayah Persekutuan Labuan

Contractual Errors in Collecting Spurious Fees

stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full

As you will be aware there were marketing fees deducted that are being challenged and disputed. These did not appear on the original contracts and are in excess of the total fee structure charges which you would have signed for.

ie 1.75% pa.

If you were sold your pension through Devere, which is more than likely, please note that it is very probable they were not licensed or regulated by that country's Financial Authority, to do so.

Furthermore, STM as the Trustee were 24% owned by Nigel Green CEO of Devere. So a "Conflict of Interest" existed, also it's mooted that Green owns/owned Providence Life too.

Please contact me to join in our group who are seeking legal action, Danny Arnold on Facebook

View full review
Loss:
$10
Pros:
  • Non
Cons:
  • Unethical

Preferred solution: Full refund

User's recommendation: Seek Advice and Pursue a Complaint via Regulators in the Trustees Juristiction

Anonymous
map-marker Llanelli, Wales

Review of Bond Charges

stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full
Providence Life - Review of Bond Charges

Hi There

If you hold or know anyone that has a Providence Life Horizon Portfolio Bond and has received notification of a system error .. Providence Life want to correct their own error and charge you at the rate of 1% per annum of the initial fund value for the first 8 years you own the bond

Yes the charge is in the T&;;;Cs but why should the policyholder pay for a Companies own error?

This error could cost you £10s of thousands of your cash!

If you are effected can you please complain directly to the FCS in Mauritius

I have!!!!!

If enough complaints are received we might just get the backdated charge reversed

Please spread this message far and wide!

View full review

User's recommendation: Please contact the FCS in Mauritius if effected

4 comments
Munro A

LEGAL ACTION AGAINST PLL As with yourself, I too have suffered a financial loss with Providence Life Pension through the very suspcious 1% "Marketing Fee". I have however thought this tooth and nail, now I have a group of 7-8 others who have all similarly lost money.

We have former Devere advisors on board, fighting this on our behalf, proving disclosures, documents and witness statements. At least 3 clients have been refunded their fees. I am already in discussion with a reputable and experienced law firm, who have been previously sucessful with Class Action litigation, some of which had ATE funding.

I would be most gratefyl to share any information with you and welcome you to the group. Any enquiries, please find Danny Arnold on FB.

Shahin Wvq

In the same boat. The fees are a complete rip off already without the additional 8% unfortunately at the time i was not so investment savvy and unfortunately and wrongly trusted DeVere Group (Shanghai) as my IFA..

bunch of cowboys, they were.

I think their argument would be that they did not suddenly remove the 8% , it had always been taken, it just wasn't reflected in the reporting.. at least that's what the letter says.

Munro A
reply icon Replying to comment of Shahin Wvq

Contact me via FB Danny Arnold

Guest

# Me too. Held policy for over 8 years .

Notified by STM in November 2021. Received "adjusted for error statement" in December 2021 with no calculation or response to complaints over why this should be charged when I was never previously notified about such charges, how can the amount be just removed without my authority and how legal is it to charge clients/ customers/ policyholders for an alledged computer error in their own accounting system going back over eight years in one lump sum. Where is the evidence that this is actually legal certainly not very moral .

Still waiting for response. This matter has raised other queries as well.

View more comments (3)

Why Trust Reviews on PissedConsumer?

  • Professional auto and live moderation
  • 100% user-generated content
  • Equal opportunity and protection
  • Zero tolerance for fake reviews
  • Verified content
  • PissedConsumer is on the Inc. 5000 list

For more information read Blog article