deVere boss: “sometimes you make mistakes”

deVere boss: “sometimes you make mistakes”

Mike Coady, managing director of deVere UK, says he hopes his firm pleases the regulator 95 per cent of the time.

In the latest FTAdviser video interview, Mr Coady said: “In some respects people talk about the UK regulator as being a tough one. In many respects it is easier to work with a tougher regulator on the basis that the rules are very clear.

“Sometimes you work in jurisdictions where, perhaps, they don’t necessarily have such a comprehensive regulator. The rules for what you do in terms of ex-patriot advice or guidance aren’t perhaps as clear as they are in mature, domestic markets.

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“It is something that we have to commit a considerable amount of resource to and hope to get right 95 per cent of the time but inevitably sometimes you do make mistakes.”

Speaking to Emma Ann Hughes, editor of FTAdviser, Mr Coady also talked about deVere’s graduate programme and what it is like to work as an adviser at the brokerage for ex-pats.

He said: “If you work in a place like the UK, Australia and America then you are educated and qualified to those particular areas.

“If you are in locations where qualifications are not required then we have our own internal standards and qualification standards that we expect all our advisers to do.

“In terms of the advice process, again it is very similar to that of the UK. The fact find, get to know your client, significant explanations in terms of illustrations and cost of disclosure.

“Many, many documents are assigned to the client so that they clearly understand.

“One of the most important things we have done in the last four to five years is 70 to 80 per cent of all the advice that we give is also called by a compliance manager to make sure the client understands all the terms of the investment structure they are taking out, any costs that maybe apparent and any exit penalties that may exist.”