WealthTek administrators make 'substantial progress' on client payouts

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 ...