FCA orders closure of WealthTek, joint special administrators appointed
The UK’s Financial Conduct Authority (FCA) ordered fintech firm WealthTek to cease all operations last week, citing “serious regulatory and operational issues”.
The FCA has ordered WealthTek to cease operations
The regulator says it made an “urgent application” to the High Court after the unspecified concerns came to light and ordered WealthTek to shut down all its regulated activities on 4 April.
Following the FCA’s application, the UK’s High Court appointed Shane Crooks, Mark Shaw and Emma Sayers of BDO LLP as joint special administrators of WealthTek, which also trades under the names Vertem Asset Management and Malloch Melville.
The joint special administrators will carry out an assessment of the client money and assets associated with WealthTek and will be reaching out to clients to inform them of their position within the next eight weeks, the FCA says.
Northumbria Police also arrested a man aged 48 in connection with the FCA’s concerns, who the regulator says it later interviewed “under caution”.
Launched in 2020 and based in Newcastle, WealthTek is a wealth management firm authorised and regulated by the FCA. It provides portfolio management and client reporting tools for investment managers.
