Abbey Wealth - whats happenjng

Guildfordmover

I have been with Abbey Wealth for a while now and getting no luck contacting them or getting hold of my advisor. Anyone else having any issues? 

dunstonh

Guildfordmover said:

I have been with Abbey Wealth for a while now and getting no luck contacting them or getting hold of my advisor. Anyone else having any issues? 

Is that the Abbey Wealth that ceased authorisation in November 2023?  (WC2A 3PE)
Or is it the Abbey Wealth that is an agent of St James Place? (PE9 2GR)
Or is it the Abbey Wealth based on Dublin that ended its FCA authorisations in December 2023? 

Guildfordmover

Is there anything you could recommend? Thanks

dunstonh

Guildfordmover said:

Is there anything you could recommend? Thanks

Which Abbey Wealth is it?

Guildfordmover

This is from their website so looks like it’s the Dublin

  https://abbeywealth.com/about/

For clients in the EU, AFS Wealth Management & Insurance Advisers Limited is regulated by the Central Bank of Ireland, Licence C143069, operates a branch in Spain under freedom of establishment and also advises clients in other EU countries under our freedom of services. In Switzerland AWM Advisers S.A. is a fully regulated adviser, regulated under Swiss law by Polyreg, an appointed SRO recognised by FINMA. Our membership is a reference for AML standards in Switzerland. Regulated advice ensures we are always working with our clients interests in mind.

dunstonh

They still exist and are still working.   It is confusing as they have given up their authorisation to offer regulated financial services to UK residents.   However, their website says they still cover the UK.  Probably hasn't been updated yet.

If you are a UK resident, then you need to either switch to DIY or use a different advice firm.   If you are non-resident then you can still use them via their Dublin office or other appropriate overseas office.

chaucer84

Have been trying to contact Abbey Wealth Spain office. No response to email or telephone. 

retirednick

The last contact I had with AW was from an "intern" in Client Services in June 2024. My request/instruction to amend my pension draw down was signed an returned - then nothing. Two emails to AW went unanswered so contacted my Pension Company direct. They have now sent dealing instructions to AW - but still not heard anything. Not quite sure what my next steps should be given I now need my money.

dunstonh

retirednick said:

The last contact I had with AW was from an "intern" in Client Services in June 2024. My request/instruction to amend my pension draw down was signed an returned - then nothing. Two emails to AW went unanswered so contacted my Pension Company direct. They have now sent dealing instructions to AW - but still not heard anything. Not quite sure what my next steps should be given I now need my money.

Abbey Wealth have no regulatory permissions in the UK.




So, they should not be dealing with your pension provider and your pension provider should not be dealing with them.

You should notify your pension provider that Abbey Wealth are not authorised by the FCA and are not your advice firm and that they should not correspond with an unregulated third party.   The FCA require pension providers to take instructions on drawdown via the account holder and cannot insist on an intermediary being used,

WolfieSheep

I've read everything here about Abbey Wealth and their FCA authorisation in the UK - including licence being surrendered last year.  I find that interesting because a quick read of Abbey Wealth's most recent TrustPilot feedback shows several reviewers, some of whom are, apparently, UK residents giving glowing reviews of services received.  I must admit that it is quite noticeable that there has been a flurry of 5 star reviews in the recent past.  

WolfieSheep

dunstonh said:

Guildfordmover said:

I have been with Abbey Wealth for a while now and getting no luck contacting them or getting hold of my advisor. Anyone else having any issues? 

Is that the Abbey Wealth that ceased authorisation in November 2023?  (WC2A 3PE)
Or is it the Abbey Wealth that is an agent of St James Place? (PE9 2GR)
Or is it the Abbey Wealth based on Dublin that ended its FCA authorisations in December 2023? 

I (currently) have Abbey Wealth (the same company mentioned in this thread as my IFA.  They provide (perhaps ‘provided’ would be a better word, as that seems to have stopped after April 2024) advice to me for pension investments in the EU, where I am resident.

Looking at comments here and on TrustPilot it is quite striking that they appear to be providing advice to folk in the UK and getting excellent TP reviews for their work - certainly in recent weeks.  On 18 November, I placed a review of them on TP and it is interesting that they have not responded to refute what I wrote - that has been their practice with other negative reviews.  Unfortunately, yesterday they wrote to me to tell me that they are terminating our relationship.  This is occurring just before a Resolution Officer in the Irish FSPO is assigned - I know that resolution process will run its course regardless.  However, I suspect that this termination is being enacted to so that they can place a “This reviewer is not a client” comment under my TP review in one month.

Something very strange appears to be going on.