deVere Group is a major international financial advisory firm that was subject to FCA Section 166 supervisory action in 2017 requiring it to cease overseas DB pension transfer reports. If you were advised by deVere to transfer a UK pension, you may have a claim through the FOS or civil proceedings.
Start your free assessment →deVere Group is one of the largest independent financial advisory organisations globally, with operations across more than 80 countries. In February 2017, the FCA required deVere's UK-authorised entity to immediately cease providing overseas DB pension transfer reports — a significant supervisory intervention reflecting FCA concerns about the suitability of deVere's pension transfer advice model.
Many deVere clients were British expatriates who were advised to transfer UK defined benefit pension rights into SIPP or QROPS arrangements. These transfers frequently involved high-cost offshore bond wrappers and alternative investment structures that generated substantial adviser commission while potentially leaving clients worse off than had they remained in their original defined benefit schemes.
The deVere model has been the subject of consistent FOS complaint activity. Multiple firms founded by former deVere executives have themselves faced FOS and regulatory scrutiny — reflecting the broader concerns about the advice culture the firm promoted.
If deVere's UK-authorised entity is still trading and has not satisfied your complaint, a formal DISP complaint is the first step. deVere must respond within 8 weeks. FOS escalation follows if the response is unsatisfactory.
No cap on direct complaintThe FOS has jurisdiction over complaints against deVere's UK-authorised entity relating to unsuitable DB pension transfer advice. Fletcher [2024] confirms FOS jurisdiction extends to overseas advice where the transfer involved a UK-regulated SIPP.
Up to £455,000Where advice involved overseas entities not FCA-authorised at time of transfer, FSMA s.27 provides a civil court remedy for the full uncapped transfer value.
Uncapped — s.27 FSMAThe six-year FOS absolute clock on deVere cases runs from the date the advice was given. For clients advised between 2013 and 2018, this clock is at or near expiry for the FOS route. The three-year awareness clock and FSMA s.27 civil route have different limitation rules. An urgent assessment is strongly recommended. See redressadvisory.com/time-limits for the full limitation framework.
Figures are indicative only and based on typical case profiles. Your actual position depends on your specific circumstances, the transfer value, and the applicable claim route. Not a guarantee of outcome.
A Section 166 review (skilled persons review) is one of the FCA's most significant supervisory tools. The FCA requires a firm to commission an independent expert to review specified aspects of its business. The FCA's S.166 action against deVere in 2017 — specifically requiring the immediate cessation of overseas DB transfer reports — reflects serious regulatory concern about deVere's advice practices in that area.
Yes. A FOS complaint can be brought against any FCA-authorised firm while it is still trading. The FOS will adjudicate the complaint and, if upheld, order deVere to pay compensation. You do not need to wait for the firm to fail.
Typically yes, where the advice involved a UK pension and was given by a UK-authorised entity. Fletcher [2024] confirmed FOS jurisdiction extends to overseas-arranged transfers into UK-regulated SIPPs.
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