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

Sipp provider and fintech Gaudi Regulated Services has gone into administration on the same day the firm sold its pension business book to platform provider Platform One.

An administration error by one of Fairstone’s lawyers saw Tom Taylor removed temporarily as a director of the company.

SIPP and SSAS provider Alltrust has acquired failed firm Rowanmoor Personal Pensions Limited (RPPL) which went into administration in the summer after a flood of complaints to the Financial Ombudsman Service.