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Shah Wealth Management

Shah Wealth Management

If you were offered advice from Shah Wealth Management and decided to transfer your pension funds or your savings as a result of that advice, you may well have been a victim of an extremely unsavoury process. Shah Wealth Management, along with Cherish Wealth Management and Cherish Protect, have been involved in a number of schemes which have rightly fallen foul of the financial authorities.

Based in Solihull in the West Midlands, both Shah and Cherish offered advice and encouragement to potential investors. The schemes they pushed were generally unregulated, high risk and totally inappropriate for people who had little or no knowledge or experience of such matters. These schemes should really only have been recommended to sophisticated investors who had a large net worth.

If you were a victim, some or all of these names may be familiar to you:

• Real Estate Investment USA
Lakeview UK
• Brisa Investments
Avacade
• Ethical Forestry
InvestUS
• Real Estate Opportunities
• Tambaba Investments

Many of those who were persuaded to invest were cold-called by slick sales professionals who sounded convincing and trustworthy. They had all the answers, they often promised so-called guaranteed returns and they provided plenty of glossy marketing materials. It all sounded like an easy and stress-free way to add value to the pension pot and make those retirement years all the more comfortable.

How wrong that turned out to be. A great many people, honest men and women who have worked hard all their lives, lost almost everything in these schemes. The returns failed to materialise, and in a number of cases the schemes themselves went bust. The Serious Fraud Office even became involved. All in all, it has proved to be an expensive lesson for so many innocent victims.

So much suffering, so many claims

By March 2018, more than 1,600 compensation claims had been received by the Financial Services Compensation Scheme in regard to Shah Wealth Management. Around £11 million was related to SIPPs (Self-Invested Personal Pensions) which victims transferred money into, money that had previously been held in perfectly safe, perfectly secure existing pensions.

In early 2019, the UK Government declared the type of cold-calling used by Shah and Cherish to be illegal, but of course for those who had already fallen victim it was too late. When Shah Wealth Management went into voluntary liquidation in 2016 the hopes and dreams of thousands of people disappeared, but it should be pointed out that there’s still a chance to mount a claim for compensation.

If you were talked into a SIPP that lost money by Shah or Cherish, we at Beat the Banks would like to speak with you. Thanks to our extensive experience in this field, we know how you are feeling, and we understand what you have been through. If you get in touch with us via a call to 0800 193 1234 or via our online contact form, we promise a sympathetic ear and plenty of honest, reliable advice in regard to what can or can’t be done next.

We very much hope you’ll get in touch soon.

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