The case is understood to be one of several where former clients are trying to recoup costs that they claim they were never told about.
In email correspondence relating to one particular case, deVere Acuma confirmed that total commission of £85,650 was paid between September 2010 and April 2014.
However, the client was only made aware of charges totalling £16,296 during the period.
A commission breakdown sent by deVere Acuma via email to the client, published by Moneyweb, confirmed that they paid a further £64,354 that was not disclosed.
The clients are understood to be getting assistance from a former deVere employee who is currently in dispute with the advisory firm over unfair labour practices.
Guernsey connection
In the emails, deVere acknowledges that the commissions were undisclosed but states that the firm was under no obligation to inform the client because they had chosen to invest via offshore trusts, based in Guernsey.
The South African client relations team said in their email: “Where we show fees undisclosed in their entirety, you were of course informed that we received commissions.
“Please bear in mind that as you chose the trust route, it is in fact the trustees who are the clients, not yourself. The trustees are offshore, so the investment advice was given outside South Africa.
“Therefore, we do not accept that we were under a duty to disclose these commissions to you.”
Not ‘not lawful’
A deVere spokesperson said the complaint related to historical conduct by former advisers, adding that “the disputed disclosure practice related to commissions received at time of inception only, and they don’t recur”.
