Abbey Financial Solutions

CyprusTerri

Thanks for that. Their costs are 1% pa plus admin charges of 120 GBP per quarter which seems rather a lot to me.

dunstonh

CyprusTerri wrote: »

Thanks for that. Their costs are 1% pa plus admin charges of 120 GBP per quarter which seems rather a lot to me.

If they are the only charges then its not a lot. If they are the advice charges on top of the product chargers then it is.

CyprusTerri

Thanks. You're probably right.

Kit_Carson

CyprusTerri wrote: »

Thanks for that. Their costs are 1% pa plus admin charges of 120 GBP per quarter which seems rather a lot to me.

Sounds like you are being quoted just the cost of an insurance bond within the QROPS. If so, why has an insurance bond been offered instead of a lower cost investment platform?

If an insurance bond has been recommended, the 1% will be to fund the commission paid up front. On top of that, you will have fund management fees of circa 1.25 to 1.75% and is there an ongoing adviser charge taken on top? Were you provided with full Reduction In Yield illustrations showing you how much any growth would be reduced by the charges?

KNJ_2

Been with AFS QROPS for about 5 years now.
Fund has gone up, however 10 k invested in FS Mansions Student accommodation was sent into liquidation but now 90% returned.
Also 5 year Oil bond 50% down, but Oil was a punt I was prepared to take.

JuanCj

Abbey Financial Solutions is a trading name of AFS Wealth Advisers S.A. (Switzerland)For clients in the EU, AFS Europe Alliance SL works in conjunction with fully regulated and authorised companies, who are in partnership with some of the world's leading product providers. (their words, not mine)

According to the Central Mercantile Register: AFS Europe Alliance SL was registered in the province of Cadiz on 27th March 2009 with the CIF of B72139025 (a CIF is basically a Corporate Tax ID). It's registered address is in San Roque, Cadiz (not Marbella)

The company activity is recorded as (roughly): "The business of providing advertising services through internet, telephone, newspaper, radio and television, or any other means. The creation and dissemination of advertisements, publicity advertising campaigns and press."

It has a share capital of €3,010 and the only person listed under Administration/Proxies is one {text removed by MSE Forum Legal Team} as "Adm. Unico" as at 20 May 2009. A NIF = personal Tax ID but a non national/citizen would have a NIE - a foreigner's id number) Though the NIF here looks more like a UK passport number.

linked in: {text removed by MSE Forum Legal Team}
Senior Partner at Abbey Financial Solutions

{Text removed by MSE Forum Legal Team}

JuanCj

@KNJ: I warned them of this in June 20011:
"First thing to be done is to organise the selling of these at the next trading day - hopefully this month:
16,208.663900 MANSION STUDENT ACCOMM GBP FEEDER £

Basically, I think that Mansion have lost the plot and so it's important to unload them soon - in case too many other people reach the same conclusion )"

At that point, their YTD performance was as follows:
- Nov 11 15.4%
- Dec 11 12.1%
- Jan 12 12.1%
- Feb 12 12.9%
- Mar 12 12.2%
- April 12 10.0%
- May 12 9.1%
- June 12 10.1%
- July 12 10.1%
- Aug 12 10.3%
- Sep 12 9.9%
- Oct 12 9.4%
- Nov 12 8.6%
- Dec 12 8.1%
- Jan 13 7.9%
- Feb 13 7.3%
- Mar 13 6.2%
- April 13 5.7%

During this time the amount invested with them had just about doubled as had the bank loans and - of course -the fees for those running it. Yet the amount of money being made for investors remained much the same. But, with more money being invested all the time, the percentage return was in permanent decline. Another big warning sign was that, back in 2011 they said "The Fund aims to achieve a target IRR of 10-12% pa before tax". By the time their April Monthly Update appeared this "aim" had conveniently disappeared.

DonM

KNJ wrote: »

Been with AFS QROPS for about 5 years now.
Fund has gone up, however 10 k invested in FS Mansions Student accommodation was 100% loss.
Also 5 year Oil bond 50% down. Still despite a total of more than 15k losses I am still ahead.
FS Mansions Student accommodation was not only pushed by AFS, so I am one of many and the Oil was a punt I was prepared to take.
Overall they have just about manage to retain the initial investment, but charges are high.

FYI, the Mansion Fund is in liquidation. 90% of the last NAV has been paid out on a number of cells. The remainder, after costs, could be paid in circa 6 months. If you have yet to receive anything then I'd chase it.


Oil took a dive from the highs back then and has bounced a little.