The Financial Conduct Authority (FCA) has ordered wealth manager WealthTek to immediately cease all regulated activities due to “serious regulatory and operational issues coming to light”.
WealthTek is a wealth management firm authorised and regulated by the FCA to provide discretionary, advisory and execution-only services to its retail clients.
The watchdog has appointed interim managers from BDO LLP to take control of WealthTek, which also trades under the names of Vertem Asset Management and Malloch Melville.
Northumbria Police, working in partnership with the FCA, have arrested a 48-year-old man in connection with the regulatory and operational concerns. The FCA interviewed him under caution.
The UK regulator said it was in close contact with the firm and the interim managers with regard to the fair treatment of customers.
This story was written by Fiona Nicolson for our sister publication, International Adviser.
