Ah, still up at
Google's Cache. For now, til they get that removed.
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PWS - Prestige Wealth Solutions - QROPS Scam
The behind the scenes truth about life in a Dubai boiler room
HomeThe RingleadersThe MinionsThe Call ScriptDictatorship E-MailsThe Fake Offer LetterThe Fake ContractImagesLinksDisclaimer
PWS - Prestige Wealth Solutions, The Inside Story
After you read this please visit the links page as there is lots of useful information that is always updated.
As an ex female employee of PWS - Prestige Wealth Solutions from January 2014 to April 2014 all I have to say to a prospective employee (or potential client) is DO NOT WORK FOR THEM EVER!! They are liars, cheats, bullies, sexist and vile scum bags.
I have had to return to the UK after spending all my savings and getting into massive debt after I (and others) stupidly fell for the dream they sold me. At the group interview held by PWS - Prestige Wealth Solutions in a hotel by Heathrow Airport hosted by Craig McConnon, Jamie Scott, Alex Herbert and Afzaal Abbas (aka Joe, Af or fondly known by the other guys in the office as Hitler) was promised a proper salary and rent contributions as well as flight home, visa and medical insurance and I was also told I would be earning approx £40K - £50K within my first year and that I would only need £2000 to start up there whilst everything was being processed. I had researched everything as I had heard the all the horror stories about DeVere and GlobalEye pay structures but they promised to be something different, oh how wrong I was.
Regardless of what the contract actually says (see this on the links above) this is worth nothing as at PWS - Prestige Wealth Solutions they do not follow this in fact PWS - Prestige Wealth Solutions don't pay you a salary they loan you 6K AED and when you finally get advisor they give you 3K AED from that you are in debt 6K every month till you earn something which is impossible if you are new to the country with no connections like I was.
I got no help when I was there even when I asked and when I had to move apartment several times no one helped from PWS - Prestige Wealth Solutions helped me to find a place like they said they would. PWS - Prestige Wealth Solutions always paid my wages late and to this date they still owe me money for the things they promised, they made you stay late sometimes till 9pm with no notice, they forced you to go to company events, as a female in that place I was always mocked for what I wore, my makeup and hair also I was ignored and left out of conversations and they always moved my desk for no reason.
The way PWS - Prestige Wealth Solutions get data is a joke as well, they call companies pretending to be from the Expo2020, Event companies or British Embassy to try and trick the receptionist into giving British names and numbers. PWS - Prestige Wealth Solutions used to promise the under paid staff at stores like DU, Etisalat and laundries jobs in exchange for data, pay recruiters, estate agents and gyms for data as well basically anywhere English ex pats would go they would hustle and bribe their way in. My advice would be not to give your mobile number to any of these places and if you do just by an alternative sim and then watch the calls come in.
PWS - Prestige Wealth Solutions is basically a boiler room, hit them hard and fast to get their money before they realise what's happened and it's all under the guise of 'helping people'.
PWS - Prestige Wealth Solutions have no license even though they claim too, they rent an office along with all the equipment, no one has a visa (some as long as 6+ months) with the only people having visas are those closest to Craig McConnon (MD). If it was to all go tits up they could easily cut and run leaving everyone high and dry.
When PWS - Prestige Wealth Solutions opened their new office at The Oberoi Centre (Office 901) in Business Bay there was no license so they were not legally allowed to trade but that did not stop them and when there was an inspection we all had to leave the office but instead of going home they made us stay in an office in the other building to get their monies worth, I bet now they are still doing it.
Also this mob are so paranoid they read ALL the staff’s E-Mail both in and out and do not allow you to change the passwords on your PC so that they can go through them when you are not in the office, they also read your personal E-Mail if logged in and also have keyloggers on the PC’s to read what you put.
The advisors there do not have licenses although some claim to have UK qualifications.
Also PWS - Prestige Wealth Solutions have now opened an office in Qatar (where they said I could go as well but lied about that too), Cape Town and Johannesburg again all with no licences or backdoor ways in.
All I can say is that I wouldn't meet or trust these cowboys with anything and I am glad I am back in the UK away from these scum bags!
I warn anyone that is offered a job with them DO NOT TAKE IT or anyone thinking about doing business with them DON'T!!
You may think I am being out of order, bitter, vindictive or just lying about this but I can tell you now I am not, the reason I did this is because they screwed with me personally and financially and although the rest of these blogs you read may (as they claim to people that have see them) have been written by other brokers this is a genuine blog that has been backed up with images and contracts that they will no doubt try and get removed so that nobody reads this or tell you that I was shit at my job or some other rubbish to focus you away from this. Trust me, trust your gut, ask your pension provider.
*!FINANCIAL ADVISORS GET RECOMMENDED IN DUBAI THEY DON'T COLD CALL!*
Labels: Af, Afzaal Abbas, Alex Herbert, Boiler Room, British Expats, Craig McConnon Dubai, Dubai, Financial Planning, Fraud, Prestige Wealth Solutions, PWS, PWS Dubai, QROPS, Shabbar Mughal, UAE, Wealth Management
The Minions
These are some of the 'Financial Advisors' that will come out to see you wherever you are should you be silly enough to want to hear what they have to say or you just feel like having a free coffee. Unfortunately I don't have all their pictures just yet but I will have a whole collection for you soon.
Anthony Anderson
Bilal MUGhal
Marlon Bruges
Shabbar Mughal
Labels: Af, Afzaal Abbas, Alex Herbert, Boiler Room, British Expats, Craig McConnon Dubai, Dubai, Financial Planning, Fraud, Prestige Wealth Solutions, PWS, PWS Dubai, QROPS, Shabbar Mughal, SIPP, UAE, Wealth Management
The Ringleaders
Be aware of the following ringleaders that run PWS - Prestige Wealth Solutions.
(information is freely available on LinkedIn as well as their pictures)
The Main Man
Craig McConnon FAIQ (CII) - Managing Director
UAE Mobile: +971 (0) 56 115 0855 | International: +971 (0) 426 7169
email: c.mcconnon@pws-intl.com
The Great Af Abbas
Af Abbas (Afzaal Abbas or Joe) - Head of Relationship Management
UAE Mobile: +971 (0) 50 594 5397 | Personal: +971 (0) 50 927 4103
email: a.abbas@pws-intl.com
Alex Herbert
Alex Herbert
Regional Managing Partner
UAE Mobile: +971 (0) 56 691 4021 | Direct Dial: +971 (0) 4 374 2212
email a.herbert@pws-intl.com
Jamie Scott
Jamie Scott
Regional Managing Partner
UAE Mobile: +971 (0) 56 170 6698
email: j.scott@pws-intl.com
Labels: Af, Afzaal Abbas, Alex Herbert, Boiler Room, British Expats, Craig McConnon, Dubai, Financial Planning, Fraud, Prestige Wealth Solutions, PWS, PWS Dubai, QROPS, SIPP, UAE, Wealth Management
The Call Script
So now you have read my previous post here is a look at one of the objection handling 'scripts' I was given. As you can see it lists all the known objections that someone would normally use to get them off the phone and THIS is how they have been told to handle those objections, open this page and try them out. Oh they they will get really happy and love it when they hear you have a frozen pension from BP, Shell, Fire Service, NHS, Teachers Pension, Army Pension or anything in the 15yr or £100K+ range.
Objection handling:
Customer says already invests in property:
Well as we all know property is the cornerstone of any successful portfolio.....
Where is your property?
Is it for investment or as a retirement property?
So you're aware that your primary income will be non-existent when you do retire and that secondary income will be your only security for your future?
So if we could help you to diversify your portfolio just to cover yourself in the event that should there be another property crash which I'm pretty sure you were hit quite bad the last time and you don't want that to happen again am I right?
So now do you see the benefits of sitting down with one of our advisors?
Illiquid asset which means you can't get access to that money at any given time
Historical volatility which you will be subject to-your retirement plan is subject to market fluctuations...lead into diversification recommendation
We can give you access to other asset classes due to strategic allegiances with some of the biggest institutions in the world, lead into independent brokerage benefits
Don't put all of your eggs in one basket reduce risk and incorporate diversification
Maintenance cost -living in it or renting it out for income
Customer claims to already have an IFA:
So you must take your finances very seriously and in this day and age who doesn't have an advisor?
Are they based in the UK or out here in the Middle East? Excellent although Mr Client if you were living back in the UK would you have an advisor based in the Middle East? Also your adviser in the UK can only offer UK based products, we however are a global entity and can complement your portfolio with access to tax free products because we're based in the middle-east you can see the benefit in that can't you?
I Bank with HSBC/Barclays etc - Compliment - That then means they can only give you access to HSBC products because they are a tied agent...does that make sense? Well as we are an independent global entity, we have access to a wider range of products due to the fact we have strategic alliances with most of the leading institutions.../ist them...and because of this we have access to many exclusive products that HSBC can't offer you...does that make sense?
Possibly touch on Interest rates and inflation
Franchise bank - HSBC is not HSBC in Dubai - They paid for a name above the door
Customer claims they haven't got any money:
Ok, well it sounds like we should have had this conversation 10 years ago,then when I rang today you wouldn't be saying you haven't got any money...hahah
Well fortunately,you can benefit from what we do without any cost or commitment from yourself and it doesn't cost you anything to be open minded does it...
Customer asks to send them an email:
Unfortunately I can't do that,if I was to send you a long generic E-Mail will probably sit in your inbox and this phone call would have been a waist of your time Mr Client hahaha, we provide a tailor made service...ok? So if you were to buy a tailor made suit,it wouldn't be a generic 1size fits all and probably won't fit the guy sitting on your right or on your left- am I right?
We personalise what we do for each client's circumstance, requirements and goals- we work on a face to face basis so we can get a better understanding of how we can help you ok?
Customer wants to meet in a Coffee Shop
Unfortunately we don't do meetings in coffee shops
I'm sure whilst you are having a personal financial health check you wouldn't want a crowd of people roaming around you as you wouldn't want the same thing during a personal physical health checkup,am I right hahaha. (then find out where he works/lives, imply that the advisor will already be in the area next week)
Customer get these calls all the time:
Ok so I guess you've been in Dubai for a long time then hahaha. So what was it that's made you reluctant to sit down with an advisor regardless of what they say...Well I'm guessing it's safe to say you take your finances very seriously and manage your own portfolio or already have an IFA? Whichever of the 2 answers he gives revert back to IFA objection handling above.
Then lead into the benefits of sitting down with us (Independent,leading institutions,tax free, if you know he has a good pension...! didn't call you regarding anything except the recent HMRC legislation changes which you might not have been made aware of)
Customer is not interested:
Ok Mr Client, what is it you are not interested in? Smokescreen (Regardless of whatever the person says revert back to other objection handling related to the answer).
Education Planning:
I'm sure you are aware of the rise in education costs? 7-9
I'm sure like yourself you want the best for your kids and would like to be able to send them to university enabling them to have the best education am I right?
So how important is it for you to send your kids to university?
So how would you feel if you were unable to send them?
I'm sure you can see the benefits of having a no cost no commitment meeting with one of our senior advisors?
Excellent when is good for you? Start/Middle/End of the week..... Morning/Lunch Afternoon?
Just in case we forgot this board would be placed in the office.
Labels: Af, Afzaal Abbas, Alex Herbert, Boiler Room, British Expats, Craig McConnon, Dubai, Financial Planning, Fraud, Prestige Wealth Solutions, PWS, PWS Dubai, QROPS, SIPP, UAE, Wealth Management
Dictatorship E-Mails
Obviously what use is the use of being the 'master' of a company where you can't send the odd E-Mail or two to your staff about how you want them to work or how to steal information etc?
Here is a selection of such E-Mails that would be sent to us on a daily basis.
Our daily structure
Our rules
Where they wanted us to get YOUR information from.
OMG Yes just ONE data source can make your year!!
Heaven forbid someone that tries scamming the company for some money!
Labels: Af, Afzaal Abbas, Alex Herbert, Boiler Room, British Expats, Craig McConnon, Dubai, Financial Planning, Fraud, Prestige Wealth Solutions, PWS, PWS Dubai, QROPS, SIPP, UAE, Wealth Management
The Fake Offer Letter
This is the offer letter I (and others) got from PWS - Prestige Wealth Solutions, doesn't it look all nice and professional and the money, well that's just amazing. Shame it doesn't mean a thing when you arrive!
Labels: Af, Afzaal Abbas, Alex Herbert, Boiler Room, British Expats, Craig McConnon, Dubai, Financial Planning, Fraud, Prestige Wealth Solutions, PWS, PWS Dubai, QROPS, SIPP, UAE, Wealth Management
The Fake Contract
Now below is the contract that PWS - Prestige Wealth Solutions had me sign, if you read it it all looks good however I have highlighted some parts that they did not do.
Labels: Af, Afzaal Abbas, Alex Herbert, Boiler Room, British Expats, Craig McConnon, Dubai, Financial Planning, Fraud, Prestige Wealth Solutions, PWS, PWS Dubai, QROPS, SIPP, UAE, Wealth Management
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