Mr B - InvestUS Income Strategy and Cherish Wealth

Mr B was advised by Cherish Wealth Management (Appointed Representatives of Shah Wealth Management) in 2015 to make a direct cash investment into The InvestUS Income Strategy Loan.

After realising the investment was in trouble Mr B submitted a claim directly to the FSCS in 2017 against Shah Wealth Management for poor advice to invest in the unsuitable investment in The Income Strategy.

The FSCS duly rejected Mr B’s claim as they stated Loan agreements are not regulated and are direct property investments which the FSCS do not protect when bought with cash even on receipt of Financial Advice.

We did not agree and pursued the case on our client’s behalf obtaining information from all relevant 3rd parties and carried our investigations which evidenced all the material facts to support Mr B’s original claim.

Pension claim submitted an appeal on behalf of our client raising questions in relation to the investment and their categorisation of the fund deeming it impermissible for them to assess.

The FSCS subsequently rejected the appeal standing by their initial reasonings for rejection.

In order to assist us in such a complex case where no Claims Management Firm or Solicitors had been successful in obtaining a positive outcome for their clients. We appointed a barrister (at no cost to our client) and obtained their opinion on our own arguments against the FSCS’ reasoning behind their rejection of this case.

The Barrister strongly agreed with our arguments against the FSCS and they assisted us in instigating a proposed Judicial Review of the case due to our firm opinion that the FSCS were incorrect in their decision surrounding the nature of the investment.

Due to our firms’ beliefs in fighting claims where others may falter and our endeavors in challenging the FSCS, the FSCS sought legal advice.

Thanks to Pension Claim Consulting in August 2020 the FSCS reversed their opinion of The InvestUS Income Strategy Loan changing their rules of the fund to a ‘designated investment’ which are covered by the FSCS. Meaning all claims of a similar nature (even those previously rejected) can now be upheld by the FSCS.

As a result, Mr. B received £19,047.57 in compensation.

 

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Key Facts

1
PARTIES INVOLVED Cherish Wealth Management / Shah Wealth Management
2
INVESTMENT InvestUS Income Strategy Loan
3
COMPENSATION AWARDED £19,047.57

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