The UK High Court has given the green light to a plan to return client money and custody assets of wealth manager WealthTek.
Justice Rajah in the High Court of Justice approved the Joint Special Administrators (JSAs) plan for this action to take place.
This follows action taken by the FCA last year to protect clients from further harm after "discovering serious regulatory and operational issues" in an investigation into Newcastle-based wealth manager WealthTek LLP.
In a statment today (25 July), the FCA said the JSAs will contact clients to outline next steps and any action they may need to take to access their money and investments.
Alternatively, clients can contact the JSAs directly: Email: WealthTekClients@bdo.co.uk and Telephone: +44 (0)113 521 4470 or +44 (0)151 351 4700
The JSAs announced their appointment of a nominated broker. Investments will be transferred to the nominated broker once clients have been onboarded or clients can opt-out of this via the JSAs and choose an alternative broker/distribution option.
The FCA highlighted that all clients should remain alert to the possibility of fraud: "If clients receive cold calls from people claiming to be from WealthTek or BDO LLP they should end the call immediately and contact the JSAs", the statement said.
