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In the intricate world of financial advice, clients entrust their futures to independent financial advisors with the hope of securing a stable financial foundation. However, this faith can be shattered when mis-selling failures emerge, revealing the dark underbelly of some financial advisory practices.
In this article, we delve into the controversy surrounding Cherish Wealth, an independent financial advisor associated with Shah Wealth Management, and the distressing mis-selling claims that have sent shockwaves through the financial landscape.
Cherish Wealth Management, once regarded as a reputable independent financial advisor, is now marred by allegations of mis-selling high-risk, unregulated investments. This mis-selling scandal has shaken the confidence of investors who sought financial guidance from this firm. Operating as an appointed representative of Shah Wealth Management, Cherish Wealth found itself intertwined with controversy, leading to substantial consequences for unsuspecting investors.
Cherish was also linked to the following pension providers and their SIPP's: Options UK (Trading As: Carey Pensions UK / Options SIPP UK/ Chrysalis Pensions / Options UK personal Pensions), who signed off client investments in ABC bonds)
A concerning aspect of Cherish Wealth's practices is the advice it offered to clients regarding high-risk, unregulated investments. The firm recommended investments in schemes such as the:
Exit Strategy
Invest US Exit Strategy (US Housing Scheme targeting 15% for bond holders)
Tambaba Investments (Brazilian property investment)
Lake View UK Investments. (Country Club Investment promising bondholders possible 12% interest per year)
These investment vehicles promised enticing returns but were fraught with risks that were often undisclosed or downplayed.
Clients were steered toward investments in forestry, overseas property, and unregulated investment schemes, some of which were not monitored by the Financial Conduct Authority (FCA). This led to situations where clients' hard-earned money was placed in ventures that lacked the regulatory safeguards necessary to protect their interests.
The intricate web of mis-selling involves not only Cherish Wealth but also unregulated introducers, such as Avacade. Working closely with these introducers, Cherish Wealth promoted high-risk and unregulated investments to clients, leaving many facing substantial financial losses. This symbiotic relationship between financial advisors and introducers further exacerbated the problem.
The aftermath of Cherish Wealth's mis-selling practices has been significant. Many clients who believed they were making prudent investment decisions have been left with losses and shattered expectations. The Financial Services Compensation Scheme (FSCS) has played a pivotal role in addressing the fallout. A staggering number of claims have been submitted, with 660 client claims relating to Cherish having been paid out.
The FSCS has received at least 1,973 claims so far, of which 1,598 have been upheld, 188 are in progress and 187 have been rejected, meaning the total payout figure is still likely to rise.
It’s not only Cherish Wealth under the spotlight, The FSCS has processed a huge 1,807 claims against the principle firm behind Cherish, Shah Wealth Management. 618 of these have been completed so far. However, the number of claims in progress, rejected, or upheld reveals the extent of the financial turmoil experienced by Cherish Wealth's clients and the FSCS revealed that the cost of the recovery for the claims relating to Cherish and related parties has hit £33.7 million, £20.4 million of it paid out so far.
The mis-selling failures have left a trail of unanswered questions in its wake. Cherish Wealth's former directors and associated parties have come under scrutiny, with the liquidator's report indicating attempts to engage with them. Unfortunately, these attempts have gone unanswered, leaving many perplexed about the motivations behind the mis-selling practices.
As the financial landscape strives to rebuild trust and accountability, it is crucial for investors to remain vigilant. Conducting due diligence and seeking advice from reputable financial advisors who prioritise transparency and regulatory compliance is essential. The mis-selling scandal surrounding Cherish Wealth serves as a stark reminder of the importance of thorough research and informed decision-making in the world of investments.
If you are one of the individuals who entrusted Cherish Wealth with your financial future and have experienced losses due to their mis-selling practices, you may be eligible to open a claim and seek compensation. Taking action is a crucial step towards rectifying the financial harm you've suffered and holding those responsible accountable for their actions.
At CP Financial Claims, we understand the complexities of navigating the claims process and are here to guide you every step of the way. Our experienced team specialises in handling mis-selling claims and can assist you in seeking the compensation you deserve.
Here's how you can initiate the process:
Gather Information: Compile all relevant documents, including investment agreements, communication with Cherish Wealth, and any other supporting evidence.
Contact Us: Reach out to CP Financial Claims to discuss your case. Our knowledgeable team will assess your situation and provide you with tailored guidance on how to proceed.
Claim Submission: With our expert assistance, you can formally submit your claim to the appropriate channels. We will ensure that all necessary documentation is prepared and submitted correctly.
Expert Handling: Our team will manage your claim, liaising with relevant parties, and working diligently to achieve the best possible outcome for you.
Stay Informed: Throughout the process, we will keep you updated on the progress of your claim, ensuring that you are informed every step of the way.
Please submit your details below for a free, no-obligation chat.
You are not obliged to use our service. It is possible for you to present your claim for free, either to the firm, or person against whom you wish to complain, or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.
