Financial advisory business PWH Financial Planning has dissolved, according to the Financial Services Compensation Scheme (FSCS).
The company, which traded as WGN Wealth Management, was among a group of others involved in the British Steel Pension Scheme (BSPS) scandal where, during 2017, many workers were advised to transfer out of their defined benefit pension, with many losing the benefits already built up in the BSPS.
The FSCS confirmed to International Adviser that it received six claims against PWH, after the announcement of its failure on 13 December 2021.
Four of the claims are in progress and two have been completed and upheld.
At least one involves a customer who was advised to transfer from the old BSPS, the lifeboat scheme added.
PWH is the latest advice firm linked to the British Steel scandal to go bust. Others include:
- A W Dallas Financial Services – trading as Portfolio Pension Consultancy;
- Tramway Financial Management; and,
- West Wales Financial Services – trading as both IWA Financial Solutions and Mike Powell Mortgages.
Earlier this month, the FSCS said it had received more than 1,000 claims from former BSPS members and that compensation, at the time, totalled £30m ($40m, €35m).
