Lakeview UK Investments
Lakeview UK Investments was yet another investment scheme that was espoused by Cherish Wealth Management. In this particular case, it was a lavish country club that people were persuaded to invest in, but as in so many other instances, the promised returns failed to materialise. Many completely innocent men and women lost all or part of their pension pots or life savings.
Cherish went into liquidation in 2016, leaving a trail of disaster in its wake. The company advised people, often via cold-calling, to transfer their safe and secure pension pots into SIPPs (Self-Invested Personal Pensions) and then into one of many unregulated high risk investment schemes. Lakeview UK was one of those schemes.
In 2019, the UK Government banned the use of cold-calling for such schemes, but for victims of the practice it’s too late, of course. The damage is done, the money is gone and all that’s left is an uncertain future. The people behind Cherish should have done more to ensure the risks were thoroughly explained, and should also have made checks to see if such schemes were suitable to those individual investors.
Exposing a web of mis-selling and poor advice
ITV aired an investigation into the relationship between Cherish Wealth Management and a number of unregulated investment schemes in 2017. It’s worth noting that several more schemes were pushed by Cherish, including:
• Exit Strategy
• Brisa Investments
• Venture Oils
• Ethical Forestry
• Paraiba Projects
The Financial Services Compensation Scheme (FSCS) has already paid out millions of pounds in cases involving Cherish, Shah Wealth Management and other organisations related to it, and there will undoubtedly be many more cases to come. So far, what we have seen may well be only the tip of a very large iceberg. We at Beat the Banks have a feeling that the aftermath of this could last many years.
It’s never easy for someone to come to terms with the fact that they’ve lost all or part of their life savings. That money had been set aside to provide a more secure future, and perhaps to leave something behind for loved ones. It should be pointed out that investment schemes such as Lakeview should only have been aimed at high net worth individuals and sophisticated investors – in other words, those who would have known the risks and would have been comfortable taking them.
If you have been a victim of mis-sold pension advice and have lost money through a SIPP, the team at Beat the Banks would like to hear from you. We have helped a number of men and women who were left with nothing after investing in schemes such as Lakeview UK Investments, and we have the knowledge, experience and tenacity to help you as well.
All you need to do is complete the online contact form or give us a call on 0800 193 1234. We look forward to discussing your experiences, and to offering you reliable, honest guidance in regard to your next steps. We hope to hear from you soon.