De Vere and Partners IFA - Based in Spain

  • gazfuk
  • 12/10/08 31/05/09
  • unspecified
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Posted: Thu, 30/10/2008 - 21:28


It appears most people are not blaming their IFA for this mess, yet it was in a lot of cases IFAs that recommended placing funds in KSF. I for one was unaware my funds were in there as they were 'wrapped' in a Royal Skandia fund.

In a conversation I had with Royal Skandia on about 8.10.08, they told me I could not withdraw KSF funds as the bank had blocked this. It became clear during the conversation that they had written to my IFA informiong them of the bank being downgraded. It turns out I had an opportunity to pull out on 2.10.08 as my 90 day account had just finished but my IFA allowed the funds to roll forward into a new account without contacting me - hence the mess I am in now.

I was wondering if anyone else on here was using De Vere and Partners as their advisor and if anyone feels it is a good idea to take action against them?

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De Vere and Partners

  • heliton
  • 12/10/08 31/05/09
  • unspecified
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  • Fri, 31/10/2008 - 11:28

De VereĀ“s have claimed that they pulled ALL OF THEIR CLIENTS OUT OF KSF IOM BEFORE SHE WENT DOWN!!!! -
I agree totally with your comments - We probably use the same guy here in Spain - Could you email me direct with the details and lets look at whether we can take it any further??
Tony - heliton1(?)terra [dot] es

My 500K deposit was not rescued by deVere in Frankfurt

  • backtowork
  • 02/11/08 08/06/09
  • not a depositor
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  • Sun, 02/11/2008 - 18:57

Most interesting to read what deVere is claiming. That is not my story. I was with my deVere advisor on Oct. 6th and nothing was said at that meeting about bankrupt banks. On Oct 9th after an urgent email I signed documents to transfer my deposit, much too late. The event is lifechanging for me, of course. I had taken early retirement, I am now taking up work in a sweatshop because at my age I have no other alternative.
I believe an advisor has indemnity insurance. But just how to tackle this event leaves me stymied. I'll have to find a lawyer to see if I have grounds to sue under German law for a deposit on the IOM. I am still in a state of shock. Just what the role of Royal Skandia is in all this, is also a matter which puzzles me. Surely they would have advised the ifas' working to them to protectively remove funds from Icelandic banks considering how things were looking.
So I head off to work Monday.

De Vere and Partners

  • david buglass
  • 16/10/08 n/a (free)
  • unspecified
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  • Fri, 31/10/2008 - 01:58

I used De Veres and was recommended Royal Skandia as a fixed deposit offshore investment.I had no idea I was with KSF.
I am an expat based and working in South East Asia.
I scanned dealing papers back to de Veres on start of business 7/10 to transfer my funds to ING of all people but missed the boat.I was never warned that KSF were being downgraded and surely a professional outfit like this should have advised all clients with monies in an institution in trouble to move their funds even if it was to another product they advised and were going to get further commission from.
I feel totally mis-represented and called de Veres in person after I received a flippant e-mail from them advising my transfer could not go ahead as the bank my funds were in was in receivership.This to date is the only correspondance and contact I have received from de Veres.It was a different story when they wanted my business I can assure you.
As I mentioned on a previous thread I asked for as near possible to zero risk investment ie a bank deposit account for the proceeds of my UK house sale accepting the safe but low returns - what I got was a low return maximum risk ivestment ie ZERO PROTECTION.

Royal Skandia v IFA

  • barnie
  • 19/10/08 31/03/10
  • a depositor
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  • Thu, 30/10/2008 - 23:39

gazfuk, I am not based in Spain and did not use De Vere but, just in case you haven't seen a copy of the letter .........
my UK based IFA today sent me a copy of a letter (dated 06/10/2008) from Skandia warning him of the KSF downgrading by Fitch Ratings. The IFA did not receive this letter until 9th October - too late.

But, what may be of interest to you is that after the downgrading news the letter goes on to say:
"In relation to existing deposits the following will apply;
Fixed deposit roll overs: Specific instructions will be required from the client to roll over these deposits. In the absence of a specific instruction matured funds will be placed in the Royal Skandia Money Market Deposit Fund.
Existing Call/Notice accounts: In the absence of a specific client instruction these funds will be retained with KS&F."

I guess you come under the second category - but I hope perchance you come under the fixed deposits section and your funds are in the RSk Money Market Fund.

Royal Skandia Dynamite??? Maybe

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Thu, 30/10/2008 - 21:34

This is very important ! If Royal Skandia did write to the IFAs to advise them of the credit downgrade then the IFA has got a lot to wriggle out of - Didnt RS also offer Lloyds TSB for cash holdings?