Portuguese firm passporting to UK open to FSCS claims over arranging pension transfers

The UK's Financial Services Compensation Scheme is now open to claims against Abana Unipessoal Lda (Abana), a Portuguese firm that, prior to 31 December 2020, passported into the UK solely for insurance intermediation. FSCS said in a statement on 24 May that it had "determined that Abana undertook regulated activities for customers outside of Abana's insurance intermediation permissions in the UK". These regulated activities included arranging pension transfers, notably into the Avalon & Westerby  SIPP, both UK-based SIPP providers, it said.  FSCS further said protection may exist ...