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You may have heard whispers of financial turmoil surrounding Lakeview UK Investments, coupled with names like Shah Wealth Management and Cherish Wealth Management. When it comes to financial investments, most of us rely on experts to guide us through the labyrinth of options. But what happens when those very experts lead us astray?
The Lakeview UK Investments fiasco has left many grappling with this question. Here at CP Financial Claims, we specialise in helping people navigate such financial quandaries. This article aims to unpack the intricacies surrounding Lakeview UK Investments' failed endeavours and how CP Financial Claims can provide a lifeline for those affected.
Lakeview UK Investments, incorporated on August 15, 2013, in London, presented itself as a promising investment avenue. However, time would reveal that it was far from a reliable option. In a dismal turn of events, the company appointed a voluntary liquidator on May 4, 2022, leading to its ultimate liquidation, and by June 2023, the liquidators' statement of receipts and payments brought no solace to the already anxious investors.
Finbarr O'Connell and Clare Lloyd of Evelyn Partners LLP were the appointed joint liquidators.
Shah Wealth Management and its appointed representative, Cherish Wealth Management were financial advising firms intricately connected to Lakeview. Cherish, based in Solihull, was especially influential in directing clients towards Lakeview UK Investments, among other high risk investments. However, as of March 2018, they've been implicated in a significant number of Financial Services Compensation Scheme (FSCS) payouts, due to the suitability of advice given, of which has led to financial loss and distress for many.
In December 2017, investigations revealed that Cherish Wealth Management was responsible for an astounding £7 million in FSCS payouts. By March 2018, that amount had escalated to £16 million, affecting nearly 1,600 clients. These payouts included £11 million tied to SIPP (Self-Invested Personal Pension) claims and £4.2 million in personal pension transfers.
An array of investments, many of them overseas property ventures, became the epicentre of the problem. These investments, some of which were created by a former director after he parted ways with Cherish, included not only Lakeview UK Investments but also Brisa Investments, Invest US, and Tambaba Investment.
These primarily overseas-based property investments were also advised by the same management firm. The breakdown of the FSCS claims against these firms highlights the magnitude of the issue:
It's crucial to note that these claims only make up a proportion of the total of 1,973 claims over the firm. 1,598 were upheld by that point, 188 claims were still pending and 187 rejected.
Those with successful claims might also receive higher payouts from the FSCS lifeboat fund. With no possibility of recouping losses from unregulated investments, these individuals could find their compensation payments significantly increased.
The aftermath of Lakeview UK's failure left a complex financial landscape. Bondholders of Lakeview UK Investments had secured rights over a proportion of the Waterside Resort land in Cornwall. The proceeds from the resort's sale in April 2022, were £329,200, designated for the LUKI bondholders and managed by the conveyancing solicitors.
Bay Consultancy Ltd, the company holding a fixed and floating charge over Lakeview UK Investments' assets, has an agreed indebtedness of £5,067,700.
As it stands, information surrounding the Lakeview debacle remains limited, with many questions unanswered.
However, claims can now proceed. As and when we get more information regarding Lakeview UK investments, we will update this page.
If you suspect you may have been affected by the Lakeview UK Investments or any of the mentioned associated investment schemes, the first step to reclaiming your lost investments is to file a claim. Here at CP Financial Claims, we provide expert guidance through the entire claim process, ensuring you get the compensation you deserve.
Contact CP Financial Claims today, via the form 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.
