Shah Wealth Management
Shah Wealth Management and associated brands Cherish Wealth Management and Cherish Protect were involved in a number of schemes that have rightly fallen foul of the financial authorities. If you decided to transfer your pension funds or savings as a result of the advice offered by Shah Wealth Management, it’s possible you were a victim of their unsavoury practices.
An apparently easy way to add value to a pension pot
Based in Solihull in the West Midlands, both Shah and Cherish offered pension advice to potential investors. They targeted pension holders with cold calls from sales professionals trained to sound convincing and trustworthy. Offering so-called guaranteed returns, they lured people in with their professional-looking marketing materials. Many were sold on what was promised as an easy, stress-free way to add value to their pension pot.
Unfortunately, the opposite turned out to be true and a great many people lost almost everything at the hands of Shah and Cherish. The returns failed to materialise, in some cases the schemes themselves went bust, and the Serious Fraud Office (SFO) even became involved.
The schemes Shah and Cherish championed were generally unregulated, high risk and totally inappropriate for people who had little or no knowledge or experience of such matters. They should only have been recommended to sophisticated investors who had a large net worth and high capacity for loss. If you were a victim, the following Unregulated Collective Investment Schemes (UCIS) might be familiar to you:
Hope for victims
Shah Wealth Management went into voluntary liquidation in 2016. However, there is still a chance for victims to mount a claim for compensation.
As of March 2018, more than 1,603 compensation claims had been received by the Financial Services Compensation Scheme (FSCS) relating to Shah Wealth Management. Around £11 million was connected to Self-Invested Personal Pensions (SIPPs) and £4.2m associated with pension transfers. Of these claims, 1,315 have been upheld against the advisor with 164 rejected.
If you lost money as a result of acting on advice given by Shah Wealth Management and its associated brands, the team at Beat the Banks would like to hear from you. We know how you are feeling, understand what you have been through and are ready to help you. Call us on 0800 193 1234 for honest, reliable advice about your situation.