Portugal-based firm Abana Unipessoal Lda has failed with the Financial Services Compensation Scheme.
The FSCS has received 17 claims against the firm relating to a mixture of insurance, pension and self-invested personal pension (Sipp_ advice.
A spokesperson for the lifeboat scheme said one claim so far has been upheld in relation to mis-sold life insurance.
Abana was a Portuguese firm that, prior to December 31, 2020, passported into the UK on a services basis with its passport only covering insurance intermediation in the UK.
The FSCS determined that Abana undertook regulated activities for customers outside of its insurance intermediation permissions in the UK.
These regulated activities included arranging pension transfers, including into the Avalon and Westerby Sipp, both UK-based Sipp providers.
According to the FCA Register the firm has been cancelled since February 2022 from undertaking regulated business in the UK.
The firm has previously traded under the name Abana Lda.
Yesterday (February 7) the FSCS put Blankstone Sington into default two years after the Financial Conduct Authority stopped it from accepting new clients or disposing of its own assets.
In an update on Tuesday (February 6) the FSCS said: "We have now taken the next step by declaring the firm in default. This is something we have to do as it confirms that FSCS believes the firm owes money to its customers and cannot meet the costs of any claims itself.
"We still remain closed to claims, so Blankstone Sington’s customers do not need to do anything at this point. There is still a considerable amount of work to do before customers can be reunited with their money and assets."
alina.khan@ft.com
