Beverley MP Graham Stuart and seven colleagues have written to Chancellor Rachel Reeves calling for an investigation into claims that for two years the Financial Conduct Authority ignored a whistleblower’s warnings of a potential fraud.
The allegation centre around a wealth management company called WealthTek, which was ordered to cease trading In April 2023, after the FCA uncovered “serious regulatory and operational issues.” It opened a criminal investigation a year later after a potential shortfall of £81.4 million in client money was discovered.
However, it is alleged that the FCA failed to act on a whistleblower’s claims of potential fraud at WealthTek for over two years. These suspected fraudulent acts have been a source of significant financial and emotional distress to people affected in Beverley and Holderness and across the UK who are urgently awaiting answers.
Mr Stuart said: “I am shocked and saddened to learn of the alleged fraudulent activities carried out by WealthTek. Thousands of people, including some of my constituents, trusted them to provide a service and have been left distraught by their reported actions. That’s why I’ve written to the Chancellor to urge her to commission an investigation into why action was not taken sooner by the FCA.
“I will continue to support anyone affected by this in Beverley and Holderness and do all I can to help them at this very difficult time.”
