Abbey Financial Solutions

sawutdee1

Hello

Has anyone heard of or dealt with Abbey Financial Solutions.
I have a sum of money to invest from the sale of my house.
Need income from the money as I now live in Thailand.

I have been contacted by the above after filling in a form on BBC website.

Bit worried about investing with people I have never heard of.

I was getting 3.7% from Nationwide for the last 2 years but the bond finishes in March and the new rates are just not good enough.

This is what they are proposing

SPLIT FUND – 150,000 GBP

25,000 M&G Strategic Corporate GBP

25,000 Lloyds TSB Offshore High Income GBP

30,000 Newton Global Higher Income GBP

25,000 Artemis Income GBP

20,000 First State Global Emerging Markets GBP

23,000 Newton Asian Income GBP

2,000 Cash to be held within the Bond

Any help would be appreciated as I am new to all this

Thank you

Gary

sawutdee1

Thanks for the reply.

I googled them and found a few answers but nothing conclusive.

They are recommending I use Royal Skandia’s Executive Investment Bond (EIB)
They are based in the I.O.M. and according to the brochure for this company I am covered for 90% if Royal Skandia collapse.
No money goes through Abbey it is paid direct to Royal Skandia.

I am new to investing in the UK let alone offshore so am a little bit worried as you hear so many stories about scams and rip offs.

sorcerer

i hope you are aware you could get back less than what you put in, if the funds go down. How would you feel if the value went to £100,000? Just something to consider.

Also if you really wanted to invest into these funds why not consider a main supplier like (Hargreaves Lansdown, CoFunds, II etc.)

dunstonh

Also if you really wanted to invest into these funds why not consider a main supplier like (Hargreaves Lansdown, CoFunds, II etc.)

They dont offer the tax wrapper that the OP is using. Plus, they may not deal with ex pats.

bigfreddiel

sawutdee1 wrote: »

This is what they are proposing

SPLIT FUND – 150,000 GBP

25,000 M&G Strategic Corporate GBP

25,000 Lloyds TSB Offshore High Income GBP

30,000 Newton Global Higher Income GBP

25,000 Artemis Income GBP

20,000 First State Global Emerging Markets GBP

23,000 Newton Asian Income GBP

2,000 Cash to be held within the Bond

to me it looks like a random selection of funds based on one keyword you mentioned which was income

what wasthe reasoning in the above selections and the proportions- was this explained?

what are the charges and ongoing costs of this advice?

what do you want from your investments? what's it for?

what's stopping you from doing your own research?

hope that helps

bigfreddiel

bigfreddiel wrote: »

to me it looks like a random selection of funds based on one keyword you mentioned which was income

what was the reasoning in the above selections and the proportions- was this explained?

what are the charges and ongoing costs of this advice?

what do you want from your investments? what's it for?

what's stopping you from doing your own research?

hope that helps

i guess the poster was quite unable to answer the above,

or

really happy with his advice?

what do you think?

fj

Selinaris

My experience with Abbey Financial Solutions has also been v poor.


Appalling growth from the recommended funds, they failed to monitor performance and give follow up advice as promised. The Isle of Man wrapper suggested has relatively high charges and getting hold of any money is slow, complicated and expensive. AFS never told me when I started with them in June 2010, that they would not be able to continue as advisers when I returned to UK - not that that has been any great loss I suppose.


They seem out of reach of UK financial regulation so I have nowhere to go.


Rubbish outfit stay clear of them!

planteria

sorry to hear about your bad experiences.

interesting that you came across this thread for your first MSE posts.

le_loup

Aw, you old cynic!

planteria

i wasn't actually being That cynical :A

if people register to ramp something, it makes sense.

if people register to slate something, it's not as obvious why they would do so. i tend to think that a lot of people will browse here, and only register when they see something come up which compels them to share their thoughts.:)

bigadaj

planteria wrote: »

i wasn't actually being That cynical :A

if people register to ramp something, it makes sense.

if people register to slate something, it's not as obvious why they would do so. i tend to think that a lot of people will browse here, and only register when they see something come up which compels them to share their thoughts.:)

But threads here about specific subjects often come out at the top of google searches, for positive or narrative reasons, so once found people will register to complain, warn or ramp depending on their position.