The UK Financial Conduct Authority (FCA) has taken urgent steps with the High Court to successfully appoint Interim Managers (the High Court appointed Shane Crooks, Mark Shaw and Emma Sayers of BDO LLP) to take control of WealthTek Limited Liability Partnership, which also has the trading names Vertem Asset Management and Malloch Melville.
The FCA has also ordered the firm to immediately cease carrying on all regulated activities, following serious regulatory and operational issues coming to light.
The appointment of BDO LLP is interim pending a further court hearing.
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 says it is in close contact with the firm and the interim managers regarding the fair treatment of customers and further information will be made available by them in due course.
