The FCA has taken various steps to protect consumers following serious regulatory and operational issues coming to light.

On 6 April 2023, following an urgent application made by the FCA, the High Court has appointed Shane Crooks, Mark Shaw and Emma Sayers of BDO LLP as Joint Special Administrators of WealthTek Limited Liability Partnership (WealthTek). WealthTek also has the trading names Vertem Asset Management and Malloch Melville.

The FCA also ordered the firm to immediately cease carrying on all regulated activities on 4 April 2023.

Northumbria Police, working in partnership with the FCA, arrested a man aged 48 in connection with these concerns and the FCA later interviewed the individual under caution.

WealthTek is an FCA authorised and regulated wealth management firm which provides discretionary, advisory and execution only services to their retail clients.

The FCA is in close contact with the Joint Special Administrators and further information will be made available by them in due course.