Cherish Wealth Management Mis-sold SIPP Pension Claim
Cherish Wealth was a relatively small firm that operated in the Birmingham area. However, it has generated a huge amount of cases since its liquidation in 2016.
Cherish Wealth is one of the firms that sold SIPP’s that included investments in Ethical Forestry which is under investigation by the Serious Fraud Office.
The FSCS has since had a extraordinarily high case load from Cherish wealth. The FSCS has paid out £6.7 million from 229 claims, including 188 SIPP claims, over Shah Wealth Management, Cherish’s principal, and is processing a further 357 claims, including 300 SIPP claims.
Cherish Wealth is part of a web of business that includes Ethical Forestry and also Avacade. The huge amount of cases that have been paid out already shows the position that the FSCS and the FCA have taken relating to Cherish Wealth. If you dealt with them, or an associate of theirs, you may be entitled to compensation.
Grounds on Which You May Have Been Mis-Sold
In order to determine if you are eligible for a SIPP compensation claim please check If any of the following statements is true in your case:
- Cherish Wealth Management did not explain the pension transfer & investment risks to you properly.
- Your financial situation was not properly assessed with a fact find by Cherish Wealth Management.
- You felt uncomfortable or pressured by Cherish Wealth Management into an investment that you didn’t need or want.
- Cherish Wealth Management did not explain that the amount you get back will depend on performance.
- Cherish Wealth Management did not accurately explain the fees and charges that would be incurred.
- You were unaware that Cherish Wealth Management had advised you to invest in an unregulated investment.
- You were not advised by Cherish Wealth Management about exceeding the £40,000 tax-free limit would make you liable for the 55% income tax.
- You feel that you were given poor advice by Cherish Wealth Management concerning SIPPs which has left you worse off financially.
If any of the above points stand true, then it may be possible for you to get compensation.
Calculate Your SIPP Investment Losses
Our SIPP Investment redress calculator will give you an indication of how much your mis-selling refund could be worth. If your case is upheld, the exact value of your refund will not be known until all the facts of your case have been disclosed and a final figure calculated by the firm.
To use the calculator please follow the instructions below.
1.Enter your details into the Red Boxes
Ongoing Monthly (£) is optional if you continued to pay in each month after switching.
2. Choose your growth rate %pa.
Select the rate that you feel your previous pension was growing at. 3% Low, 6% Medium or 9% High rate.
3. Compare your values.
See what your pension would have been worth if you had left it in the previous scheme vs. the new scheme. Choose to compare current value or value at your chosen retirement age.