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Birmingham Post
Birmingham Post
Business
Tom Keighley

Newcastle's WealthTek and Vertem Asset Management shut down by financial watchdog

WealthTek FCA Newcastle John Dance BHA Mark Shaw

A Tyneside wealth management firm has been shut down following Financial Conduct Authority action.

WealthTek LLP, which trades as WealthTek, Vertem Asset Management and Malloch Melville, was ordered to cease operations immediately in a move the FCA says was taken to protect consumers amid "serious regulatory and operational issues" coming to light.

At the same time the Cobalt Business Park-based firm, which employs about 20 people, was placed into special administration - a court-appointed insolvency process for companies that hold client money and are regulated by the FCA. WealthTek's affairs are now being handled by joint special administrators from BDO LLP, including Shane Crooks, Mark Shaw and Emma Sayers.

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