Overseas advice firm deVere USA has agreed to an $8 million (£6 million) civil penalty with the Securities and Exchange Commission (SEC) for failing to disclose conflicts of interests on overseas pension transfer advice.

The SEC, the US regulator, said deVere USA did not disclose arrangements with overseas product providers which led to undisclosed compensation of 7% of the transfer value. This ‘created an incentive for deVere USA to recommend a pension transfer and particular product or service providers that were obligated to make payments’.

A spokesman for deVere USA said the firm is ‘pleased’ the SEC has agreed to ‘settle the administrative proceeding relating to certain aspects of its historical business in the US’.

‘DeVere USA reached this agreement with the SEC consistent with our commitment to clients and in the interest of putting the matter behind us. The settlement clears the way for the company to continue to develop its investment advisory business in the US,’ a spokesman for the firm said.