FCA orders WealthTek to cease operations over 'serious' issues

A man aged 48 has been arrested by Northumbria Police

Valeria Martinez
clock • 1 min read

The Financial Conduct Authority (FCA) has ordered wealth management firm WealthTek to immediately cease operations after it discovered “serious” regulatory and operational issues.

The regulator has appointed Shane Crooks, Mark Shaw and Emma Sayers from BDO as interim managers pending a further court hearing.  A man aged 48 has been arrested in connection with these concerns by the Northumbria Police, which are working in partnership with the FCA. The regulator said it had later interviewed the individual "under caution".  WealthTek is a regulated wealth management firm which provides discretionary, advisory and execution-only services to retail clients. The firm also uses the trading names Vertem Asset Management and Malloch Melville.  "The FCA said it is in...

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