FSCS expects to pay out claims against collapsed WealthTek

FSCS expects to cover WealthTek losses in next few weeks

Sahar Nazir
clock • 1 min read

The Financial Services Compensation Scheme (FSCS) has said it expects to pay out some claims against the collapsed £233m wealth management firm WealthTek.

In an update yesterday (31 July), the lifeboat fund said there will be "some claims that meet the qualifying conditions for compensation". The Financial Conduct Authority (FCA) ordered WealthTek to cease operations earlier this year (6 April) after it discovered "serious" regulatory and operational issues. It provided discretionary, advisory and execution-only services to retail clients.  At the time of its administration, WealthTek was managing £233m of client assets. Shane Crooks, Mark Shaw and Emma Sayers of BDO were appointed as joint special administrators of WealthTek followi...

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