PIC reviews and complaints

PIC DEVERE ( Fraud Company) I lost $16000/- with this company when I closed the policy as I lost my trust in this company.

Initially, when I was sold the product, I wasn't given the policy and the brochure till after 15 months. Then, I had to go to Friend's Provident, Dubai office where they gave me the actual policy. I argued with Mr. Andrew Piggot representative of PIC DEVERE financial advisory, who came to my apartment and said that he lost the policy in his office. So he wanted me to get some documents notarised to get a duplicate copy of the policy. He didn't do this, finally I spent my own money to go to Dubai, took the initiative and got my original policy from your Dubai office.

What I am saying is that I was never given details on what the policy entails and what happens to my money if I surrender the policy before the 18 year tenure. Mr. Andrew Piggot kept telling me that I could take a holiday premium and all. I do want the rest of my money back as I do need it and I never understood how this policy works when it was sold to me. If I did understand it, I would not have invested in this as its not my idea of an investment. I strongly believe that the policy was intentionally missold to me.

And Friends' Provident hasn't lost any money on my investment, so why should they keep the money. Surely, they can make an exception and waive the penalty, it just has to be authorized by a higher authority. Mr. Andrew Piggot said that he had a meeting with his senior managers in Dubai and they came to a conclusion on who would pay the penalty amount, Friend's Provident or Devere Group or it can be shared by both groups. But don't make me the scape goat and steal from me. I don't want any interest amount due from the policy, I just want my principal amount invested back. If I left the money in the bank, it wouldn't earn interest, but it would have all come back to me.

I already approached the Ombudsman in the Isle of Man but they say that PIC Devere Group does not operate there so they cannot do anything.

As already stated in my previous emails, I need the money to pay ongoing costs for my medical bills, if you want I can ask the doctor to send the reports to your companies, so that you know that I am telling the truth.

A couple of years ago I was approached by a senior advisor from Pic deVere in Dubai. He suggested that I should consider moving my UK pensions to a QROPS plan to take advantage of the tax situation. This was good advice but the advice that followed was anything but good. He then suggested that I invest my pesnion pot in autocallables telling me that they were an ultra safe investment that would yeild and annual 5% return. However, he did not give me the full detail of the investment vehicles until quite a long time after the investments had been made. It was then I found out the investments were anything but safe and were also very heavily fornt end loaded with commision. I made complaints to Pic deVere and after a long email conversation taking several months they stated that their man had acted in good faith using only his personal notes as evidence. This advisor also sold me a Generali savings plan telling me that it was ultimately flexible and not providing the details until after the cooing off period. I have no peobelm with a financial advisor earning money for the good adcice they provide. But I fear this organisation is focussed only upon the commision it earns and cares little for the savers. they have decimated my pension fund and have told me to go away. I would not advise anyone to use this company for their investments. I would also like to hear from anyone who has had a similar experience. perhaps the only way to get some retribution from them is through a class action.