Firm avoids hefty FCA fine with large client payout [Investment Executive - News]
Barclays PLC (BCS)
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Source: Investment Executive - News
investors that lost money to alleged misconduct by another firm that it worked with — avoiding a large penalty from the U.K. Financial Conduct Authority (FCA). In 2023, the FCA ordered a firm, WealthTek LLP — which also operated as Vertus Asset Management LLP — to cease operations amid concerns that millions of client money was missing. The firm's principal was later charged with various criminal offences including fraud and money laundering. Those allegations haven't been proven in court. A trial has been scheduled for September 2027 at Southwark Crown Court in the criminal proceedings. Now, the FCA has settled with a corporate finance firm, Sapia, which began working with WealthTek in 2013, and appointed it as an authorized representative. That arrangement made Sapia responsible for client money that was generated by WealthTek's activities, and the FCA alleged that Sapia didn't implement adequate controls to protect this money. The FCA said Sapia admitted that it failed to
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BCS
Sec Filings
- 4/29/26 - Form 6-K
- 4/29/26 - Form 6-K
- 4/28/26 - Form 6-K
- BCS's page on the SEC website