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March 27, 2024

Blue Monday as FSCS declares four firms in default

It’s been a busy start to the week for the Financial Services Compensation Scheme. The FSCS declared four firms in default on Monday alone. (25 March)

These were Aqua Financial Services Limited, Strategic Investment Solutions, Fresh Financial Solutions LLP and Abbey Lane Financial Associates Ltd.

Here’s the latest on what we know about claims made against these firms…

Aqua Financial Services Limited

Aqua Financial Services Ltd, has reportedly had six claims against it.

So far four of these claims have been rejected but one has been upheld.

The claims are related to pension advice and Self-Invested Personal Pensions (SIPPs).

According to the FSCS Aqua Financial Services Ltd is also one of the companies associated with claims regarding the British Steel Pension Scheme (BSPS).

Aqua Financial Services Ltd was formerly known as Aqua IFA Ltd.

Strategic Investment Solutions

Strategic Investment Solutions Limited entered liquidation in December 2022.

The FCA register shows that the firm hasn’t been authorised since September 2023.

According to reports the FSCS said it’s received three claims against the firm. And at present only one has been upheld.

All claims are pensions related.

Strategic Investment Solutions Limited was also previously known as Cobco (291) Limited, Clear Cut Pensions and Denton Mortgages and Loans.

Fresh Financial Solutions LLP

Fresh Financial Solutions LLP was dissolved in April 2015.

The FSCS had received five claims, including claims about home finance and insurance.

According to FTAdviser the FSCS said that most of these claims were from “a few years ago”. And that they had been rejected.

However, one claim about pension advice relating to a SIPP has recently been upheld. This has triggered the declaration of default.

Abbey Lane Financial Associates Ltd

Abbey Lane Financial Associates Ltd entered liquidation In March 2023.

It was then placed under investigation by FSCS.

The FSCS have confirmed that it’s associated with claims regarding the British Steel Pension Scheme (BSPS).

In February 2023 the FCA issued a first supervisory notice against Abbey Lane Financial Associates for making unsolicited settlement offers.

According to the FCA notice, the firm made unsolicited settlement offers of £100 to clients who were BSPS members. It alleged the firm had made offers to 40 out of 49 (82%) of its

BSPS clients. And that one client had accepted the offer.

The FSCS told FT Adviser it has received 44 claims against Abbey Lane relating to pension transfer advice.

So far one claim has been rejected and one has been upheld, which triggered the default declaration.

The remaining 42 claims are still in progress with the FSCS.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.