The FCA has secured a Restraint Order under the Proceeds of Crime Act 2002 against collapsed Newcastle-based wealth manager WealthTek as a criminal and regulatory investigation continues.

Customers of collapsed Newcastle-based wealth manager WealthTek are likely to have any losses refunded by the Financial Services Compensation Scheme up to the scheme’s £85,000 limit per person.

Administrators of collapsed Newcastle-based wealth manager WealthTek have uncovered a £81.4m gap in the firm’s finances, the FCA has said.

The FCA has ordered Newcastle-based wealth manager WealthTek Limited Liability Partnership to cease all regulated activities following the discovery of regulatory and operational issues.