It’s always devastating when investments you thought were a solid bet turn out to be anything but. This has been the unfortunate fate for those who trusted in Brisa Investments. If you have dealt with this firm, or even just heard the name, it might be time to read on and find out how we at CP Financial Claims can assist you.
Formed on November 15, 2013, in Solihull, Brisa Investments appeared to be an alluring opportunity for potential investors. The venture was touted as a viable financial choice. But it turned out to be a mirage, leaving countless individuals with empty pockets and unanswered questions.
Brisa's situation gets more tangled when we consider the involvement of financial advisories like Shah Wealth Management and Cherish Wealth Management. These firms served as professional advisors for investors, recommending the investments, but they turned out to be lighthouses on crumbling cliffs.
The Financial Services Compensation Scheme (FSCS), a safety net for investors, has paid out an eye-popping £16 million against Cherish Wealth Management alone. A report by New Model Adviser highlighted how this firm (Cherish), a representative of Shah Wealth Management, was linked to a payout sum of £7 million only three months prior.
This amount has since more than doubled, with an alarming number of 1,600 clients having claims approved against Cherish. The payouts include £11 million for SIPP claims and £4.2 million for personal pension transfers. As shocking as this may be, it's only the tip of the iceberg. Around 188 more claims are still pending, which means the total payout sum could rise substantially.
Amongst the investments that caused problems include Brisa Investments, Lakeview UK Investments, Invest US, and Tambaba Investments.
To grasp the scale of the issue, consider that there are a total of 1,973 claims over the firm. Out of this, 1,598 have been upheld. And in Brisa Investments specifically, 121 claims have been upheld, seven are in progress, and 10 have been rejected. These statistics strongly hint at systemic issues, which further implicate the entities involved.
November 2017, a significant change occurred within Brisa Investments and Tambaba Investments: their auditors stepped down. PKF LittleJohn, the auditing firm, cited a lack of "sufficient and appropriate audit evidence" as the reason they couldn't complete the annual report for the fiscal year ending on March 30, 2017.
Since then, new auditing firms have been appointed for both Brisa Investments and Tambaba Investments. Even so, when the investment accounts were published in January, these new auditors raised concerns about a lack of adequate information coming from the firms that the investment schemes had lent money to.
It's worth noting that the founder of Cherish has previously stated he was not involved in Cherish's advice or fee structures for its clients after their departure from the firm. This leaves many questions unanswered and heightens concerns for investors who may be considering next steps, including filing claims for compensation.
If you recognise any of these developments and feel you may be affected, please contact us at CP Financial Claims for guidance and potential claim assistance.
If you've gotten to this point and find these names familiar, there's a good chance you might have been impacted by this disastrous financial fiasco. At CP Financial Claims, we specialise in helping individuals like you to navigate the complex pathways of filing a claim linked to failed investment ventures such as Brisa Investments.
Our team of experts is committed to unraveling the threads of this intricate scandal and guiding you every step of the way. There's more to come on this topic, so stay tuned for updates. In the meantime, if you think you've been affected, don't hesitate to reach out to us.
The mis-selling of investment products is an unfortunate reality, but it doesn't have to be the end of the road for you. With our assistance, you can start the claim process and possibly recover what you've lost. Because when it comes to your hard-earned money, you deserve justice.
To begin the claim process or for further information, please contact us at CP Financial Claims today. Enter your details below for a free, no-obligation chat.
