Abana Unipessoal Lda
Under investigation 24 May 2023
FSCS is now open to claims against Abana Unipessoal Lda (Abana).
Abana was a Portuguese firm that, prior to 31 December 2020, passported into the UK on a services basis. Abana’s passport only covered insurance intermediation in the UK.
FSCS has determined that Abana undertook regulated activities for customers outside of Abana’s insurance intermediation permissions in the UK. These regulated activities included arranging pension transfers, notably into the Avalon & Westerby SIPP, both UK-based SIPP providers.
Customer claims against Abana
FSCS protection may exist for customers where:
- Abana arranged and / or advised a customer’s pension transfer in the UK, and through Abana's agent(s), with the pension transfer into the Avalon SIPP; and
- The claim meets the qualifying conditions for paying compensation under our rules as set by the FCA.
- There is evidence to suggest that after late May 2014 Abana was not liable for the acts / omissions of its agent(s) in arranging / advising customer pension transfers, and that those who did arrange the customer pension transfer after late May 2014 did so on a basis which FSCS protection does not extend to.
Accordingly, while each claim will be considered on its merits, some customer claims against Abana involving pension transfers after late May 2014 may not meet the qualifying conditions for FSCS to pay compensation. FSCS will write to those customers whose claims fall into this category;
- FSCS is also aware that the Financial Ombudsman Service (FOS) has issued decisions upholding customers’ complaints against Abana. Customers’ claims submitted to FSCS against Abana are considered on a case by case basis by FSCS and under our rules, which are different from FOS; and
- FSCS is currently only open to claims against Abana from customers who transferred their pension into the Avalon SIPP and NOT the Westerby SIPP.
This is because FSCS understands that Westerby SIPP is still a live entity. Any claims against Abana involving a transfer into the Westerby SIPP should be directed to Westerby SIPP, or the FOS as appropriate.
What customers should do if they think they have a claim against Abana
If you think you have a claim against Abana, please submit your claim via our online portal.