The Financial Conduct Authority (FCA) has paused its civil action against WealthTek as it focuses on investigating suspected criminal offences by the discretionary fund manager’s (DFM) owner John Dance.
The regulator said on 1 March that it applied to a High Court judge to secure a year-long pause in its civil case over "serious regulatory breaches" at the DFM. It will now instead focus on investigating suspected criminal offences by Dance. A statement said: "The investigation into suspected criminal offences in respect of WealthTek and Dance continues. Progress in that investigation has led us to focus our resources on the suspected criminal offences. The option to restart our civil case remains open to the FCA." It added that the restraint order granted on 8 November last year f...
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