Former Execs at US Investment Advisory Firm Accused of Conflict of Interest in Recommending Malta-based Overseas Pension Schemes

Former Execs at US Investment Advisory Firm Accused of Conflict of Interest in Recommending Malta-based Overseas Pension Schemes

 Two former employees of a New York-based investment advisory firm DeVere USA Inc, are accused by the US Securities and Exchange Commission(SEC), of providing pension transfer advice to hundreds of clients that may go against their best interest. In a conflict of interest which would see the employees receiving higher compensation from the pension transfer.

 DeVere advised U.S. residents who had previously lived in the United Kingdom and UK residents on the transfer of their UK-based pension to an overseas-based pension scheme, which could provide tax advantages. However, they failed to disclose the associated risks of a Malta-based pension scheme to the clients as well as the financial incentives the advisers had to encourage clients to transfer their pensions.

 Early last month, a letter submitted by the SEC and the lawyers of the two former employees at the investment advisory firm that requested the Maltese authorities for more time to investigate details of the case. This comes after sweeping changes in Maltese regulation. These amendments introduced more stringent rules surrounding Malta-based pension schemes, advisers and investment restrictions.

 Notably, Malta-based investment advisors must now be registered not only in the country they practice but also in the country of your residence.

 If you have a Malta-based pension and need a new locally regulated advisor to comply with the changing regulations, want a review of your investment, or just want to talk, then we can help you. It may also be worth considering transferring your pension to a transparent and well-regulated jurisdiction.

 New Zealand based Ranfurly Strategic offer a listed Superannuation Scheme, as well as an agent that can assist you through the transfer process, prepare transfer forms, and assist in obtaining the required UK and NZ advice that you need. The Ranfurly Scheme is listed on the UK Government Recognised Pension Schemes List.

 With Ranfurly, be closer and in more control of your money and be assured knowing that your pension is backed by award-winning investment groups.

 To get ahead in your retirement journey, start now.

 Contact us here

 For more information, and the source of this article go to

https://international-adviser.com/us-sec-and-lawyers-seek-more-time-in-case-against-ex-devere-duo/