The Financial Conduct Authority (FCA) will not be taking further action against alternative property investment platform Wellesley & Co Limited (WCL) after its investigation found no evidence of serious misconduct.
Wellesley Group is an alternative property investment platform that issues bond investments to the UK retail market. The Wellesley Group consists of parent company Wellesley Group Investors Ltd (WGIL), WCL and Wellesley Finance Ltd (WFL). Only WCL is an FCA authorised firm. The regulator opened its investigation into WCL in 2022 following WFL entering a company voluntary arrangement (CVA) with its creditors in October 2020. At the time of WFL's CVA, the FCA found that around 12,000 investors were owed £134.7m. About £80m has been returned to investors, but some have lost all that th...
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
