The UK High Court has given the go-ahead for a plan to return client money and custody assets held by wealth manager WealthTek.
Justice Rajah of the High Court of Justice has endorsed the proposal put forward by the Joint Special Administrators (JSAs) to proceed with the restitution.
This decision follows the action taken by the Financial Conduct Authority (FCA) last year, after “serious regulatory and operational issues” were uncovered during an investigation into Newcastle-based WealthTek LLP.
In a statement released today (25 July), the FCA confirmed that the JSAs will be reaching out to clients to explain the next steps and any actions they need to take to recover their money and investments.
Clients who prefer to take the initiative can directly contact the JSAs via email at WealthTekClients@bdo.co.uk or by phone on +44 (0)113 521 4470 or +44 (0)151 351 4700.
The JSAs have also announced the appointment of a nominated broker to facilitate the transfer of investments. Once clients have been onboarded, their investments will be transferred to this broker. Alternatively, clients can opt out and select a different broker or distribution method through the JSAs.
The FCA has issued a warning to all clients to be vigilant against potential fraud: “If clients receive unsolicited calls from individuals claiming to represent WealthTek or BDO LLP, they should end the call immediately and contact the JSAs,” the statement advised.