Two women lost money trusting esotericist Andero Pebre for investment advice

Two women claim they lost money after following investment advice from esotericist Andero Pebre. The case highlights a serious gap in Estonia's financial advisory regulation – currently, virtually anyone can call themselves a financial adviser.

Two Estonian women have approached the television programme "Pealtnägija" with complaints that they lost money by trusting investment advice from esotericist Andero Pebre. According to the women, they followed the adviser's recommendations, but the investments failed to deliver the promised results and their money was lost.

The case raises a broader question about Estonia's financial advisory regulation. It turns out that under current legislation, virtually anyone can operate as a financial adviser – specialised education or a relevant licence is not required to give investment advice in all circumstances.

Andero Pebre is a known figure in the esoteric field who has begun sharing investment-related advice. The affected women believe they have been misled and defrauded – they contend that accountability should be possible.

According to experts, Estonia's financial advisory market is largely unregulated in areas involving non-professional advisers. People are recommended to check whether an adviser holds a Financial Supervision Authority operating licence and whether the company is registered in the appropriate registers before making investment decisions.

The Financial Supervision Authority has repeatedly warned of the importance of protecting investors' interests and called on people to be cautious about promises made by individuals without proper licensing and verifiable experience.