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The following text was written by a friend of mine who had a bad experience with a company called Fund Advisers in Luxembourg. You can contact him at fund_abusers@hotmail.co.uk. This is his personal opinion:

BEWARE OF FUND ADVISERS - A LUXEMBOURG BASED FINANCIAL SERVICES COMPANY

I was approached by this Luxembourg based company 'Fund Advisers' with regard to transferring my pension out of the UK. Lets just say I regrettably acceded to their sales pitch. Their subsequent handling of this matter has cost me substantial loss of potential with my pension due to their negligence, incompetence and failure to act on my instructions. They even lied to me that they had done as I requested. On top of this loss their charges are grossly inflated. Other companies in Luxembourg can perform the same exercise diligently and with less costs. I can give you details of such a company should you require.

I have contacted all the relevant regulatory bodies in Luxembourg with a view to taking action against Fund Advisers, or Fund Abusers as I prefer to call them. Having discussed this matter with other people I am aware that many other Brits in Luxembourg have suffered at the hands of these greedy incompetants.

My advice is deal with FUND ADVISERS at your peril. Their sole interest is to screw as much out of their clients as possible.

Update March 30, 2010:

Another issue I have with Fund Advisers is that not only do they get a good commission for selling an Insurance bond, they then try to charge clients 1% per annum of the value of their Insurance bond for a "delegated investment authority" this means they have authority to buy and sell assets on your behalf. To most people this sounds [like] a reasonable option as who has the time to research these things.

Be very wary of this service because they have only 6 funds in their range (of the 40,000 + that are available) that they choose for clients, and these are all high up front commission earning funds for the broker, this means the client is locked in to those funds for a number of years and it's the client that pays the penalty for getting out before that time frame. (the fund manager wants to recoup the commission paid to the broker)

Fund Advisers then buy and sell on your behalf at least once a year, ignoring the fact that the client incurs a penalty for an "early exit" from the fund and then they buy on behalf of the client new funds that generate extra commissions for Fund Advisors. If we lived in the UK this kind of dishonest and "financial rape" of clients would not be allowed.