Financial Services Compensation Scheme  

FSCS declares Barnsley-based IFA in default

FSCS declares Barnsley-based IFA in default
An advice firm with three pensions investment advice claims against it has been declared in default by the FSCS (Pexels/Mia)

The Financial Services Compensation Scheme has declared a firm with three claims against it in default.

Aquila Financial Services, based in Barnsley, South Yorkshire, has failed.

The lifeboat scheme currently has three claims in progress, with five previous claims having been unsuccessful.

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The claims relate to pension investment advice and are not related to the British Steel Pension Scheme.

The firm has previously traded under the name Morrison Watts Mortgage Advisers and Aquila Will & Estate Planning Services.

Between November 2016 and April 2018 it traded under the name Ridings Wealth.

The firm used to be authorised by the Financial Conduct Authority, but that authorisation lapsed at the beginning of March 2019.

The FSCS has seen a raft of firms fall into default in recent months.

Earlier in January, three firms defaulted with 10 claims between them.

Last month, the FSCS declared two firms in default facing a collective 22 claims over investment advice.

At the time, it said FSC Investment Services Limited, formerly Ashwood Wealth Management Limited, was facing six claims while other firm, Craig Mitchell Personal and Corporate Financial Planning, was facing 16 claims.

In the same month, it declared Premier Wealth Management Harrogate Ltd in default following two claims filed against it over pension transfer advice.

In November, EQ Financial Planning Limited was placed into default and a month prior to that, Hull-based Solutions Financial Services suffered the same fate.

Solutions Financial Services had two claims against it which related to investment and self-invested personal pension products. 

In the same month, The TJM Partnership Limited and Tudor Court Financial Planning (registered as Everyday Financial Advice Ltd failed with the FSCS. 

TJM Partnership, formerly trading as T.J Market and Neovision Global Capital, had 10 claims in progress against it, most of which are personal pension related. 

The other failed company, Tudor Court Financial Planning, had its first claim in progress which was in relation to a pension transfer.