Stockport advice firm facing six claims enters default

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Stockport advice firm facing six claims enters default
The Stockport-based advice firm was incorporated back in 1986, some 37 years ago.
ByRuby Hinchliffe

An advice firm in Greater Manchester has defaulted after receiving six claims over its pension and investment advice, one of which has been upheld.

WGL Altrincham Limited, which was wound up last year after entering liquidation, failed with the Financial Services Compensation Scheme yesterday (February 21).

Incorporated back in 1986, the Stockport-based advice firm is 37 years old.

It has now had one claim against it upheld over pension transfer advice, out of six claims in total.

None of the claims relate to the British Steel Pension Scheme, a spokesperson for the FSCS told FTAdviser.

Previously called Whitehead Group, WGL Altrincham Limited was struck off back in April 2018, according to Companies House.

But a month later, this strike off action was suspended. Then in March 2022, there was an order to wind up the firm.

There is one active director listed for the company, Brian Sharples Smith.

The firm’s accounts have been overdue since 2018, with accounts not being filed for the periods since 2016.

These filings show net assets of nearly £169,000. It also turned a profit of nearly £795,000.

This month, the FSCS has declared four firms in default.

Others include Alexander Sloan Financial Planning Limited, Planet Pensions Ltd, and H&F Financial Ltd.