The Financial Conduct Authority has ordered wealth management firm WealthTek to immediately cease operations after it discovered “serious” regulatory and operational issues.
The regulator has appointed Shane Crooks, Mark Shaw and Emma Sayers from BDO as interim manager pending a further court hearing. A man aged 48 has been arrested in connection with these concerns by the Northumbria Police, which are working in partnership with the FCA. The regulator said it had later interviewed the individual "under caution". FCA strengthens enforcement leadership WealthTek is a regulated wealth management firm which provides discretionary, advisory and execution only services to retail clients. The firm also uses the trading names Vertem Asset Management and Mal...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes