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WealthTek enters special administration

11-04-202310:08 AM GMTby Thomas Parker, Shard Financial Media

Newcastle-based wealth manager WealthTek has been placed into special administration, with officials from BDO appointed by the high court as administrators.

Thomas Parker
Thomas Parker

Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.

Thomas Parker
Thomas Parker

Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.

It comes after regulator the Financial Conduct Authority (FCA) ordered it to cease operations after uncovering “serious issues” at the partnership. Additionally, Northumbria Police – working in partnership with the FCA – has arrested a man aged 48 in connection with these concerns, and the regulator later interviewed the individual under caution.

 

When appointed, BDO said it would be writing to all clients and creditors in relation to the business and will be working closely with the FCA as it carries out its duties.

Financial Conduct Authorityspecial administrationwealthtek
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