After having been found to have mis-sold many SIPP pensions, Solihull based financial advisers Cherish Wealth Management Limited no-longer themselves as providing “effective financial advice which clearly reviews, discusses and ultimately meets each individual or organisation’s specific financial requirements”.
In fact, they don’t describe themselves as anything at all, having closed down and gone into liquidation in 2016, leaving their legacy behind them.Get started now
Several financial advisers and the FSCS have been paying out compensation for mis-selling investments via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim on a No Win – No Fee* basis.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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Whether they have enough money to pay all the compensation is a different matter. Depending on what level of professional indemnity insurance they have, and how much they’ve got in the bank, a single claim can sometimes bring down a company because of the damage it can do to that single client’s retirement fund.
In the case of Cherish Wealth Management, it quickly went into insolvency proceedings and into a liquidation: this is where an external team of professionals are brought in to break up the company, and potentially sell its assets to pay back creditors (such as claimaints!).
When a company cannot pay claims and goes into liquidation as Cherish Wealth Management did in 2016, the FSCS may step in to pay claims on the company’s behalf – a safety net to make sure those who have been mis-sold get the compensation they deserve.
If you switched or transferred your pension with Cherish Wealth Management, or took investment advice from them, you may be able to make a claim.
Cherish Wealth Management becomes an Appointed Representative of Shah Wealth Management.
Steven Wright resigns as director on 6 November 2011.
Articles spring up in financial news outlets such as CityWire about Cherish Wealth Management’s liquidation, linked with SIPP advice and high-risk investments.
Real Estate Investments USA and Cherish Wealth Management both shared the same director, Steven Edward Wright, but not at the same time.
Wright left Cherish Wealth Management and became a director of Real Estate Investments USA. Cherish then advised (often unsuitably leading to claims) on many SIPP investments in Real Estate Investments USA.
Wright has always denied a conflict of interest.
InvestUS/Real Estate Investments USA/Exit Strategy are all considered to be high-risk investments because they are not regulated by the FCA.
With assets based abroad, they sit outside the remit of the Financial Conduct Authority.
High-risk investments are not generally considered suitable for average, or ‘retail’ investors, and these schemes were widely mis-sold.
Two former Cherish directors went on to form a new company – Cherish Premier Wealth.
The firm however is not regulated to provide financial advice.