WealthTek Limited Liability Partnership - Administration

WealthTek Limited Liability Partnership, a Newcastle upon Tyne-based, FCA-authorised wealth management firm, was placed into administration on 6 April, following an urgent application made by the FCA after serious regulatory and operational issues came to light. Shane Crooks, Mark Shaw and Emma Sayers of BDO were appointed as Joint Special Administrators. The FCA had already ordered the firm to immediately cease carrying on all regulated activities on 4 April, while Northumbria Police, working in partnership with the FCA, arrested 48-year-old man in connection with these concerns.