Appointed Representative / In Liquidation
Cherish Wealth Management has been authorised and regulated by the Financial Conduct Authority since 2010, however, Companies House records indicate that the company is currently in liquidation. The company was a representative of Shah Wealth Management and operated from a number of different addresses in the Birmingham area and had a total of 5 directors, 4 of whom have resigned.
Among other schemes, Cherish Wealth Management advised clients to invest their pension funds into two particularly notorious investment schemes: Ethical Forestry and InvestUS. Ethical Forestry is a reforestation scheme that has been the subject of an investigation by the Serious Fraud Office. The company has gone into liquidation and is currently in the process of being bought by an investor in the United States. InvestUS is an unregulated property development scheme registered in the Seychelles and formed by Mr Steven Wright – who was also a director of Cherish Wealth Management. InvestUS investors began to express concerns when their promised returns were not being delivered by the company. As well as the controversial recommendations above made by Cherish Wealth Management, the company was also featured in an ITV documentary “How Safe Is Your Pension?”, detailing the company’s use of unregulated and high-pressure telemarketing sales firms.
Shah Wealth Management (and therefore Cherish Wealth Management) were declared in default by the Financial Services Compensation Scheme in November 2016.
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