IFA Cherish Wealth Management barrel rolls towards liquidation: CMCs brace for onslaught of anxious investors
Another financial advice firm trusted by thousands of UK pension savers and investors appears to have bitten the dust, leaving those same thousands afraid and worried about what the future has in store for them and their investments.
Solihull based IFA Cherish Wealth Management has taken a worrying step towards liquidation with a ‘meeting of the creditors’, often a precursor to liquidation announced in late May 2016 by The Gazette, the official public record.
Rampant mis-selling: 115 claims and counting
With so many pension savers and investors having dealt with Cherish Wealth Management (who have been operating since 2008) and with a concerning 115 mis-sold pension investment claims against Cherish advice from Get Claims Advice alone, this news is bound to cause a shock to investors, many of whom will have assumed their money was safe and invested using the best advice having trusted the firm.
Cherish Wealth Management is known to have given advice regarding SIPPs (Self-Invested Personal Pensions), particularly involving high-risk and unregulated investments such as overseas property such as Invest US and with links forestry schemes like Ethical Forestry (also now in liquidation as of December 2015).
What a Cherish Wealth Management liquidation means for investors.
Once a firm has gone into liquidation, the FOS can’t usually bring new claims against the firm for negligent or unsuitable advice, leaving the FSCS (Financial Services Compensation Scheme) to pick up the pieces yet again – a sore point for good IFA’s who have to pay good money into the FSCS through a levy.
But with the FSCS cap at £50,000, claimants that arguably would have been due more through an Ombudsman settlement will now have their compensation potential cut short – a prospect that will surely anger investors who are only now just finding out about the situation over at Cherish and hadn’t previously chased a claim or had their advice checked out.
Have you been mis-sold? Claims Management Companies
Get Claims Advice Director, Mr Luke Sharman urged investors who have taken advice from Cherish to get in touch to investigate their advice and claim potential sooner rather than later, adding that “Cherish Wealth Management have been on our radar for some time, linked to some unregulated investments that have either been in trouble or look like they might be about to be.”
“It’s sadly another classic example of an IFA selling high-risk products to unsuitable clients, who should be high net-worth individuals and know more about investing in order to manage the risk and responsibility of such investments. Unfortunately, it looks like Cherish advice has put investor’s pensions, and therefore their futures in jeopardy, and we want to help resolve that as soon as possible.”
In the meantime, investors will surely be on the lookout for further information regarding Cherish as well as their own investments, which they may now be viewing in a new light.
Please link anchor text in 2nd paragraph “Cherish Wealth Management” to http://www.getclaimsadvice.co.uk/ifas-financial-advisors/cherish-wealth-management-liquidation/
Please link anchor text in 3rdparagraph “mis-sold pension investment claims” to http://www.getclaimsadvice.co.uk/mis-sold-sipp-investment-claims/
Please link anchor text in 7thParagraph “Get Claims Advice” to www.getclaimsadvice.co.uk