Cherish Wealth / Shah Wealth

Did you receive advice from Cherish Wealth or Shah Wealth? If so you may want to check if you should be claiming compensation for mis-sold pension advice.

Cherish Wealth Management were established in 2008 and based in the Midlands.

In 2010 they became Appointed Representatives of Shah Wealth, an FCA regulated financial advice firm, also based in the Midlands.

Cherish Wealth are known to have recommended several high-risk investments to clients. One of the most notable is InvestUS Exit Strategy.

 

InvestUS Exit Strategy / Real Estate Investments USA

InvestUS Exit Strategy was a US property investment scheme involving repossessed properties in Detroit, Chicago and Florida.  Billed as a “creative solution” in the wake of the mass foreclosures that resulted from 2008’s financial crisis. The scheme was to renovate the properties so they could be rented or sold.

It was registered in the Seychelles and run by British man Steven Wright, who was one of the founders of Cherish Wealth before leaving in 2011.

Despite promises to deliver returns of 15% per annum over 3 years, payments were been seriously delayed when the scheme ran into legal difficulties.

Many clients have also made complaints about the suitability of the advice they received from Cherish Wealth and Shah Wealth.

Avacade

Some clients were introduced to InvestUS by Avacade, an unregulated introducer company who also had a relationship with Cherish Wealth.

In July 2020 the court ruled in favour of the FCA in a case which accused Avacade of making “misleading statements which induced consumers to transfer their pensions into self-invested personal pensions (SIPPs)”

Other investments Cherish/ Shah recommended

Other investments that Cherish/ Shah have recommended, which were also created by Steven Wright include:

  • Brisa Investments
  • Lakeview UK Investments
  • Tambaba Investments

Shah Wealth also advised people to invest their cash savings in The Income and Exit Strategy, another unregulated investment that has failed.

Portal Financial Services / Portafina

Between 2014 and 2015 Cherish Wealth Management introduced clients to Portal Financial Services. This was to advise on the suitability of transferring their pensions.

Portal recently lost a court case challenging the Financial Ombudsman Service. This was in relation to complaints the FOS had upheld against Portal which also involve Cherish Wealth.

Latest on Cherish Wealth and Shah Wealth

Shah Wealth Management were declared in default by the FSCS in 2018.

Both Cherish Wealth Management and Shah Wealth are in liquidation.

 

Want to know if you may have been given mis-sold pension advice?

Whilst each case is individual, as pension mis-selling specialists we know to look for certain signs that in our experience indicate mis-sold pension advice may have been given.

Our assessment is free and there’s absolutely no obligation to use our service if you have case.

Key Facts

1
Cherish Wealth are known to have recommended several high-risk investments including InvestUS Exit Strategy
2
Shah Wealth also advised people to invest their cash savings in The Income and Exit Strategy. This is another unregulated investment that has failed

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