The Financial Services Compensation scheme has today declared three financial advice firms as failed, including two SIPP-related and one linked to BSPS.

The move opens the doors to ex-clients to claim up to £85,000 per claim if they were wrongly advised.

The failed firms are Aqua Financial Services Limited formerly Aqua IFA Limited (FRN 228652), Strategic Investment Solutions Limited formerly Cobco (291) Limited and Denton Mortgages & Loans (FRN 230902), and Fresh Financial Solutions LLP (FRN 471129).

The FSCS told Financial Planning Today it had received six claims against Aqua Financial Services Limited of Cheadle in Cheshire. Four had been rejected and the first claim has just been upheld, triggering the default. The claims were pension transfer and SIPP related. The FCSS confirmed that the firm did advise some BSPS members.

The FCA Register showed that Aqua IFA was registered in January 2004 but lost its authorisation in September 2018.

The FSCS said it had received three claims against Strategic Investment Solutions Limited of Didsbury in Manchester, all pension transfer related. The first claim has just been upheld.

The FCA Register showed that Strategic Investment Solutions was registered in March 2004 but lost its authorisation in September 2023. It was known as Denton Mortgages & Loans between 2005-2006, AS Mortgage Services from 2005-2018, F S Pension Solutions Limited 2010-2013, Cashback Pensions 2011-2013, F S Pension Solutions 2013-2021, Clear Cut Pensions 2013-2022 and AS Mortgage Services 2020-2022.

The FSCS said it had received five claims against Belfast-based Fresh Financial Solutions LLP. It said the claims were across a few of its coverage areas including home finance and insurance, with most of them being from a few years ago and were rejected. It said one claim has just been upheld which was SIPP related.

The FCA Register showed that Fresh Financial Solutions was registered in October 2007 but lost its authorisation in March 2015.

Earlier this month the FSCS declared Swindon-based advice firm AP Financial Services UK Ltd in default after upholding a pension transfer complaint against the firm.

The Financial Services Compensation Scheme plans to increase its workforce by about 25% by 2024/25 to cope with a surge in complex cases, the body confirmed to Financial Planning Today in January.

The FSCS headcount is set to rise from 254 to 321 with the recruitment of 67 new staff.