A Claims Management Company

Mis-Sold investment - Cherish Wealth Management

Latest update: 15th January, 2018 (Financial Conduct Authority)

Case Points

Total amount invested

Over £33 million (estimated by the FSCS) is said to have been invested on the basis of advice from Cherish Wealth Management and related parties.

Why did people invest in it?

Cherish advised people to invest in property-based investments, such as Brisa and Lakeview UK as these offered a higher return than on traditional investments.

Why was it mis-selling?

Because the founder of Cherish and the property companies was the same individual (Steven Wright) and this conflict of interest was not disclosed.

Potential value of cases

Cases related to Cherish and associated parties have cost the FSCS over £33 million, with over 80% of cases being upheld in favour of the client. The average case value to date equates to just over £29,000*

Summary

Cherish Wealth Management was an FCA regulated firm that served as an Appointed Representative for Financial Advisors. Set up in 2010, they advised thousands of customers on their investments, specialising in non-traditional investment opportunities.

Cherish often advised investing with a specific group of firms, including Brisa Investments, Lakeview UK Investments, and Real Estate Investments USA Plc.

All three were founded in 2013 by the founder of Cherish, Steven Wright. While Wright had left Cherish in 2011, and claimed that there was no conflict of interest, serious questions were raised about Cherish, and whether it was favouring these companies and ignoring the best interest of their investors.

Cherish was also then closely linked to a range of failed bio-fuel and agricultural developments, including the Ethical Forestry scheme. The FCA began an investigation after being alerted to the failings being made by Cherish in late 2015. Cherish then collapsed, entering liquidation in July 2016 and declared in default by the FSCS in February 2017.

You are likely to have a potential claim on the basis of advice from a regulated firm. The claim above is only an example of a potential claim. Each claim is judged on its individual merits and as such, we cannot guarantee that your individual claim will be successful or that you indeed may have grounds for a claim.

*This case estimate was produced by dividing the £6.7 million paid out by the FSCS as of December 2017 between the 229 claimants who shared this sum.

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