WealthTek’s joint special administrators (JSAs) have made “substantial progress” in distributing client assets, client money, post appointment receipts and Financial Services Compensation Scheme (FSCS) compensation to former clients, an update has confirmed.
An update posted by the lifeboat fund yesterday afternoon (13 May) said the majority of the FSCS eligible clients who had shortfalls in their money and assets because of their dealings with WealthTek have now received compensation. FSCS said it has committed to meet the JSA's cost contribution on behalf of the eligible clients. In line with the terms of the court-approved distribution plan, the FSCS said it is paying the cost contribution to the JSAs directly. The maximum amount payable to eligible WealthTek customers is £85,000 per client, inclusive of the cost contribution. FSCS ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
