The Financial Services Compensation Scheme (FSCS) announced that Barnsley-based Aquila Financial Services has failed.
It is already the ninth advice firm to fail in 2023.
The advice company was authorised from 2011 until 2019, according to the Financial Conduct Authority (FCA) register.
It previously traded as Aquila Will & Estate Planning Services and Morrison Watts Mortgage Advisers.
The FSCS told International Adviser that it has received eight claims in total, with five rejected and three currently in progress. The claims are for pension investment advice and are not British Steel Pension Scheme related.
2023 – the year of failed firms
It’s still only the first month of the year – but 2023 is starting to get a reputation for the year of failed firms.
There have been nine companies declared in default since 9 January 2023, prior to the announcement of Aquila Financial Services.
The other firms are Vintage Investment Services, Broadgate Financial Management, Braemar Wealth Management (NW), Better Retirement Group, Plan Your Retirement Limited, Midhurst Asset Management, Nurture Financial Planning and Cadogan Asset Management.
