Thread: Abbey Wealth
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Old 18.05.2020, 17:31
Reb77Br Reb77Br is offline
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Re: Abbey Wealth

They're named here: Costa Scam: The Cost of "Advice" in Spain (Link found in a comment on RepDigger.)

It seems that they used to be known or are possibly still also known as Abbey Financial Solutions (mentioned on their website).
- Article from 2014: Victor France joins Abbey Financial Solutions
- UK Pension Ombudsman's decision on a complaint from someone advised by Abbey Financial Solutions, although the complaint wasn't about Abbey Financial Solutions
- Discussion about Abbey Financial Solutions from 2014/2015, including this comment:

I took out a plan recommended through Abbey FS in 2009. To date I have invested 13,700, but the plan is only worth 10,500 - A big loss bearing in mind the financial markets recovery since then.

I believe I was mis-sold the policy (a Generali Vision plan) as I was told it was flexible - increase and decrease monthly deposits as suits me over the 25 year (!!!) plan.

What the Abbey FS IFA failed to highlight was that fees (based on deposits) remain fixed based on the original monthly payment amount, even if I decrease my deposits. If I increase my deposits, the fee increases. So in fact, reducing my deposits has increased the fees to nearly 8% - a cost that capital growth will never replace and hence I am just losing money.

The clincher here is that to get out of the plan, I will forfeit around 90% of the capital (around 12k!).

Screwed! Do not touch these guys with a barge pole!

Last edited by Reb77Br; 18.05.2020 at 17:54.
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