Reply by Fund Advisers Jan 23, 2015

Fund Advisers is one of the most highly regulated and licensed companies in the UAE.
The recent changes in regulations means that all firms regulated by the insurance authority were required to increase the deposits lodged with authority from 1,000,000 AED to 3,000,000 AED. This money is held on deposit to settle any claims against any firm that is regulated by the insurance authority. Although we don't hold the money of any client, it reassures clients that our organization is well regulated and that they have recourse should they ever feel that they are not receiving the best in advice practices.
We have seen a number of smaller firms unable to withstand the increases imposed by the authority and as such, many have opted to lose their relationship with the authority.
Furthermore, all services that have associated charges are discussed with our clients at all stages of the process and are further presented in writing. All financial advice and subsequent policy information is fully reviewed between the client and our compliance department to ensure 100% client satisfaction.
We have made every effort to contact the individual who posted this claim in order for us to be able to clarify any charges associated with their enquiry. We have been unable to substantiate this claim as the individual has posted it anonymously.
Fund Advisers prides itself on delivering the highest levels of client satisfaction and customer service in the industry. Should any client have any questions regarding the financial advice they have received or questions regarding a particular policy, please contact our client services department.
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Recently underwent a meeting to be offered a product in order to transfer my pension i left in the UK with the NHS.

After waiting close to 3 months for some documents to return from the UK, i was offered a pension through a company called Premier Pensions. I was pushed to sign a bunch of documents there and then which i did not do as i believe you should read over everything before proceeding with a rash decision.

On further research, turns out Premier Pensions is headed by a gentleman called Stephen Ward ( another Spencer Lodge) when i was told simply "this is our pensions admin team based in Spain'. I was further shocked to realise that this company was charging close to £2000 just for the admin duties on top of numerous charges Fund Advisers levy on their products.

This was not made clear to me in the meeting.

Having discussed this with a friend of mine, it became apparent that there is no legal liability on Fund Advisers if something was to go wrong down the line which got me thinking that by dealing with this Spanish company where is my protection.

I would just advise anybody looking at transferring their pensions to these unregulated "IFA'S" in the UAE to due their due diligence and not get duped. Luckily I saved myself and hope the general working public are aware of this.

Review about: Pension Transfer.

Review #568372 is a subjective opinion of a user.

PRODUCT OR SERVICE Not specified
Reason of Review / Monetary Loss Poor customer service / Not specified
Preferred solution Not specified
Helpful? Yes 5 No 0

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