FSCS declares three financial advisory firms in default

Latest batch of failed firms revealed by lifeboat fund

Jenna Brown
clock • 1 min read

The Financial Services Compensation Scheme (FSCS) has declared three advice firms in default today (25 March).

Notices on the FSCS website said Abbey Lane Financial Associates, Aqua Financial Services (formerly Aqua IFA) and Fresh Financial Solutions had all officially failed. The FSCS said Birmingham-based Abbey Lane Financial Associates – which had advised on British Steel pensions transfers – entered liquidation in March and was under investigation. It said it was now considering claims against the firm.  The FSCS said Abbey Lane Financial Associates had garnered 44 claims linked to pension transfer advice, one was rejected while another was upheld, triggering its default. The other 42 are ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA to cut red tape for investment firms in bid to streamline regulation

FCA to cut red tape for investment firms in bid to streamline regulation

Volume of legal text cut by 70%

Linus Uhlig
clock 24 April 2025 • 2 min read
Zero cases of non-financial misconduct opened by FCA in two years

Zero cases of non-financial misconduct opened by FCA in two years

A Freedom of Information request has found

Cristian Angeloni
clock 22 April 2025 • 3 min read
Emma Reynolds: Targeted support is 'exciting opportunity' but 'we need to get it right'

Emma Reynolds: Targeted support is 'exciting opportunity' but 'we need to get it right'

‘Need strong consumer protection in place’

Jenna Brown
clock 22 April 2025 • 3 min read