On 1 January 2021 the transition period for the UK’s withdrawal from the EU will end and the regulations and laws governing the Abundance investment platform will change.
Abundance is authorised and regulated by the Financial Conduct Authority in the UK. When the UK was in the EU (and during the transition period), we could ‘passport’ our UK regulatory status which allowed us to offer and market our services to residents of other countries within the single market. With the UK leaving the EU and the transition period ending, our regulatory status will only apply to the UK. Unfortunately, this means from 1 January 2021 we will no longer be accepting new customers from outside of the UK.
Below we have set out the impact, if any, for existing customers:
I’m resident in the EU, European Economic Area (EEA) or Switzerland – what do I need to know?
You can continue to keep your account with Abundance and our aim, where possible, is to continue to provide you the same level of service as you’ve come to expect.
This means you can continue to hold the investments you already have, and you can continue to make further investments on Abundance if you choose to do so.
However, there are some important changes you need to be aware of which do affect your rights as an investor resident outside of the UK:
- If you wish to make a complaint about Abundance, we will treat your complaint in accordance with the FCA's rules but you will no longer be able to refer your complaint to the Financial Ombudsman after 31 December 2020 as you will no longer be deemed to be a eligible complainant under FOS regulations.
- The Financial Services Compensation Scheme will still apply to you, which means the cash you hold in your Abundance account and the service offered by Abundance is still covered by FSCS. You can read more about the FSCS here.
- We are no longer able to market to individuals who are not resident in the UK. This includes our existing EU/EEA/Swiss customers, unless they expressly request this information from Abundance.
I’m resident in the UK - am I affected?
There is no change to your Abundance account if you are resident in the UK.