Cherish Wealth Management
Cherish Wealth Management left many of their customers without a penny after advising they transferred their pensions from secure schemes into high-risk, unregulated investment opportunities. Their activities have been described as “financial mis-selling on an industrial scale”, and if you were a victim you may be entitled to compensation.
High pressure sales techniques and scare tactics
In 2010, Cherish Wealth Management became authorised with the Financial Conduct Authority (FCA) through its principal Shah Wealth Management. Although the company didn’t start trading until November 2011, just as one of their co-founders Steve Wright left.
Wright subsequently created a number of Unregulated Collective Investment Schemes (UCIS) which were then in turn heavily promoted by Cherish, these include:
Pension holders were referred to Cherish by Avacade, an unregulated introducer who contacted pension holders via their call centre. They offered free pension reports, the findings of which were misrepresented to persuade them to switch their pensions.
Cherish encouraged pension holders to move from perfectly secure, well-performing defined benefit and personal pensions into Self-Invested Personal Pensions (SIPPs). From there, funds were invested into one of Wright’s high-risk schemes or equally unreliable projects like Ethical Forestry, all while charging advice fees of up to 5%.
In March 2017, an undercover ITV reporter exposed the true horror of their high-pressure sales techniques. Staff were told to use scare tactics to convince prospective victims their pensions were deficient, sometimes calling multiple times a day to push them to take up their offer.
A huge number of claims for a small firm
Despite Cherish being a relatively small firm operating from the Birmingham area, they have generated a huge number of Financial Services Compensation Scheme (FSCS) claims since they appointed liquidators in July 2016.
The FSCS had upheld 229 claims against Cherish as of December 2017, with more than 357 to process, and have paid out at least £6.7 million to victims of Cherish’s financial misconduct.
If you are a former client of Cherish Wealth Management and lost money as a result of bad pension investment advice, the claims specialists at Beat the Banks would like to hear from you. We can reconstruct your case to establish if you were given faulty advice and if you are eligible for compensation. Call us on 0800 193 1234 to get your claims process started.