Chat on WhatsApp

0114 266 4216

Abana Unipessoal Lda

Failed 08/02/2024

FRN: 597069

Abana Unipessoal Lda was declared in default by the Financial Services Compensation Scheme (FSCS) on 8 February 2024.

The firm, which was formerly known as Abana Lda, had been placed under investigation by the FSCS in May 2023.

The Portugal-based firm had, prior to 31 December 2020, passported into the UK on a services basis, which covered insurance intermediation in the UK.

However, the FSCS determined that Abana Unipessoal Lda “undertook regulated activities for customers outside of it’s insurance intermediation permissions in the UK.”

It added that these regulated activities included arranging pension transfers, notably into SIPPs provided by UK-based  Avalon and Westerby SIPP.

 

FSCS Claims against Abana Unipessoal Lda

According to reports the FSCS has received 17 claims relating to insurance, pensions and SIPPs and so far upheld one claim. The claims relates to mis-sold life insurance.

The FSCS is open to claims against Abana Unipessoal Lda and confirmed FSCS protection may exist for customers where:

  1. Abana arranged and/or advised a customer’s pension transfer in the UK, and through Abana’s agents, with the pension transfer into the Avalon SIPP; and
  2. The claim meets the qualifying conditions for paying compensation under FSCS rules

The FSCS said there is evidence to suggest that after late May 2014 Abana Unipessoal Lda ‘was not liable’ for the acts or omissions of its agents in arranging and advising on pension transfers. It added that FSCS protection does not extend to those who did arrange pension transfers after late May 2014.

It advised customers that each claim will be considered on its merits.  However, some claims involving pension transfers after late May 2014 may not meet its qualifying conditions to pay compensation.

At present the FSCS said it is only accepting claims against Abana Unipessoal Lda from customers who transferred their pension into the Avalon SIPP.

It is not yet accepting claims regarding Westerby SIPP because, according to FSCS, Westerby SIPP is still a live entity. As such any claims involving the Westerby SIPP should be directed to Westerby SIPP or the FOS as appropriate.

 

Key Facts

1
The FSCS is now open to claims against Abana Unipessoal Lda.
2
FSCS says that the firm undertook regulated activities for customers outside of it's insurance intermediation permissions in the UK. This includes arranging pension transfers, notably into SIPPs provided by Avalon and Westerby SIPP
3
Our free initial assessment can help you check if you have a claim for pension mis-selling. No obligation to use our claims service!

We win more than 9 out of 10 claims

The cost of our service is 15% + VAT on the total monies awarded for a successful claim. Our cost is also priced capped at one of the lowest rates.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.